Systems and Methods to Obfuscate Market Data on a Trading Device

ABSTRACT

Systems and methods to obfuscate market data on a trading device are disclosed. An example method includes receiving market data related to a tradeable object at a first computing device, generating, by the first computing device, a trading interface to present the market data to a trader and reconfiguring the trading interface from a first mode to a second mode in response to a privacy command supplied by the trader via the first computing device. The first computing device is to obfuscate the market data presented by the trading interface when in the second mode. The example method includes receiving, by a second computing device, the obfuscated market data in response to the privacy command and generating, by the second computing device, a private interface to present the obfuscated market data to the trader in response to the privacy command.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.14/588,163, filed Dec. 31, 2014, the contents of which are fullyincorporated herein by reference for all purposes.

BACKGROUND

An electronic trading system generally includes a trading device incommunication with an electronic exchange. The trading device receivesinformation about a market, such as prices and quantities, from theelectronic exchange. The electronic exchange receives messages, such asmessages related to orders, from the trading device. The electronicexchange attempts to match quantity of an order with quantity of one ormore contra-side orders.

Trading devices typically display market data and other tradinginformation to a user via a screen or user interface. In particular, atrading device enables a user to interact with the market data via atrading interface or application that is displayed on the screen. Manytraders use smartphones, tablets and/or other portable devices astrading devices because the devices are easily operated and portable.For example, many traders use a trading device when working on a tradingfloor of an exchange. However, when using a trading device in closeproximity to other people (e.g., other traders), privacy is a majorconcern. Traders strongly desire to keep their trading informationprivate, especially from other traders who are located nearby (e.g., onthe trading floor). For example, when viewing market data on a tradingdevice, other traders in close proximity may be able to see the marketdata and other trading information displayed on the trading device. As aresult, other traders may be able to ascertain the trading strategiesand other private information of the trader. Competition within thetrading markets is at an all-time high, as is the value of informationrelating to tradeable objects. Thus, it is extremely important toprevent others from viewing market data and other private information ona trading device.

BRIEF DESCRIPTION OF THE FIGURES

Certain embodiments are disclosed with reference to the followingdrawings.

FIG. 1 illustrates a block diagram representative of an exampleelectronic trading system in which certain embodiments may be employed.

FIG. 2 illustrates a block diagram of another example electronic tradingsystem in which certain embodiments may be employed.

FIG. 3 illustrates a block diagram of an example computing device whichmay be used to implement the disclosed embodiments.

FIGS. 4A and 4B illustrate block diagrams representative of exampletrading interfaces in which certain embodiments may be employed.

FIG. 5 illustrates an example privacy system including an exampletrading device and an example private interface to obfuscate market datain accordance with the teachings of this disclosure.

FIG. 6 illustrates the example privacy system of FIG. 5 presentingobfuscated market data in alternative example.

FIG. 7 illustrates the example privacy system of FIG. 5 presentingobfuscated market data in another alternative example.

FIG. 8 illustrates the example privacy system of FIG. 5 presentingobfuscated market data in another alternative example.

FIG. 9 illustrates the example privacy system of FIG. 5 presentingobfuscated market data in another alternative example.

FIG. 10 illustrates the example privacy system of FIG. 5 presentingobfuscated market data in another alternative example.

FIG. 11 illustrates a block diagram of an example trading device toimplement the example trading device of the example privacy system ofFIG. 5.

FIG. 12 illustrates a block diagram of an example optical head mounteddisplay (OHMD) device to generate the example private interface of theexample privacy system of FIG. 5.

FIG. 13 illustrates a flow diagram for an example method or process topresent obfuscated information.

FIG. 14 illustrates a flow diagram for another example method or processto present obfuscated information.

FIG. 15 illustrates a flow diagram for another example method or processto present obfuscated information.

Certain embodiments will be better understood when read in conjunctionwith the provided figures, which illustrate examples. It should beunderstood, however, that the embodiments are not limited to thearrangements and instrumentality shown in the attached figures.

DETAILED DESCRIPTION

This disclosure relates generally to a trading device and, moreparticularly, to systems and methods to obfuscate market data on atrading device.

Traders typical use a trading device to interact with an exchange. Ingeneral, a trading device displays market data and/or other tradinginformation to user and allows a trader to interact with the exchange(e.g., send an order to an exchange). In some examples, a trading deviceincludes a trading interface or application that is displayed on ascreen of the trading device. A trading device may be a desktopcomputer, hand-held device (e.g., a smartphone, a tablet, etc.), alaptop and/or a portable computing device, for example. When using atrading device in close proximity to other people (e.g., other traders),privacy is a major concern. For example, when viewing market data and/orother confidential trading information on a trading device in a publicenvironment, other people (e.g., other traders) in close proximity maybe able to see the market data and other trading information displayedon the trading device. As a result, the other traders may be able obtainvaluable information about the trading strategies of the trader. Thiscan be detrimental to the trader.

The example privacy systems and methods disclosed herein enable a userto obfuscate market data and other information displayed on a tradingdevice to prevent other people (e.g., other traders) from being able toview the market data while still enabling the user to easily andaccurately view and interact with the correct market data via a tradinginterface. An example privacy system disclosed herein includes a tradingdevice that displays market data and other trading information via atrading interface. In a public setting, the trading device is switchedto a private mode where at least a portion the market data values andother information are obfuscated. As used herein, obfuscated meansalter, change, adjust, manipulate, suppress, hide, conceal or obscurefrom its original format. To view the obfuscated market data, theexample privacy systems disclosed herein generate a private interfacethat displays or presents the market data and other information to auser (e.g., in an unobfuscated form). The private interface may beimplemented by, for example, an optical head mounted display (OHMD)device having a screen or display on an inner surface of a lens that islocated in front of the user's eye. While market data and other tradinginformation may be obfuscated on the trading device screen, the correctmarket data is presented to the user view the OHMD. As a result, theprivacy system prevents other people (e.g., other traders) from seeingthe correct market data and other information on the trading devicewhile still enabling the user to view the correct market data andinteract with the trading interface (e.g., which results in an augmentedreality for the user).

To enable the user to interact with the trading device as normal, theuser needs to be able to recognize and understand how the market datadisplayed via the private interface is associated with obfuscated marketdata on the trading interface. For example, traders commonly view marketdata in a price ladder format, which presents market data for atradeable object in a grid with columns and rows. To place or execute anorder, a trader selects one or more of the cells to execute an order forthe tradeable object in the corresponding cell. This trading interfaceformat allows a trader to quickly place orders for a tradeable object.

In some examples disclosed herein, the market data of the tradinginterface is obfuscated by removing or not displaying the market datavalues in the trading interface. For example, the trading interfaceincludes the price ladder format (e.g., the grid of columns and rows)without the market data values in the associated cells. Instead, atleast a portion of the obfuscated market data values are displayed tothe user via the screen (e.g., the private interface) of the OHMD. Toenable the user to associate or understand how the market data valuesdisplayed by the OHMD correlate to the trading interface, in someexamples the screen of the OHMD is to be aligned with the tradinginterface so that the market data values are overlaid with thecorresponding areas or cells of the trading interface. As a result, thetrading interface appears as normal (e.g., with all of the correctmarket data values) to the user and the user can interact with thetrading interface or application as normal. Therefore, the user caneasily identify which areas on the trading interface correspond to whichmarket data values, and the user can interact with the trading device toview additional market data, manipulate the market data, place orders,etc. However, because the market data is obfuscated on the tradingdevice, other people around user cannot see the actual market data viathe trading device.

In some examples, the screen of the OHMD and the trading interface donot need to be aligned to effectively convey the relationship betweenthe market data on the screen and the corresponding areas of the tradinginterface. In some examples, a user interacts with the areas of thetrading device by selecting (e.g., via touching, via a stylus, viakeyboard) one or more areas (e.g., cells) on the trading interface.These areas may be highlighted (e.g., via a coloring, a shading and/or aborder) in the trading interface. In response, the screen of the OHMDhighlights the market data values that correspond to the selected areas.In some examples, the trading device communicates (e.g., via Bluetooth)the selection to the OHMD. Additionally or alternatively, the OHMD maydetect the highlighted area on the trading interface (e.g., via anoptical detection device or camera), determine the market data value(s)that correspond to the highlighted area and highlight the associatedmarket data value(s) on the screen accordingly.

In some examples, inside market lines are displayed on the tradinginterface and similar lines are displayed on the screen of the OHMD inthe same position relative to the market data values. As such, a usercan recognize how the market data values correlate to the cells of thetrading interface (e.g., by using the inside market lines as areference). In some examples, the market data values are still displayedon the trading interface, but are obfuscated by adjusting the values bya factor. For example, the market data values may be displayed as 5000less than the correct market data values. This adjustment factor may bepredetermined by a user, for example. In some examples, the market datavalues are obfuscated on the trading interface by displaying the marketdata values as one or more symbols (e.g., a dynamic or static graphic,icon, character, letter, number, pictogram, color, gradient, alteredtextual string, Quick Response (QR) code or uniform resource locator(URL)).

In example systems and methods disclosed herein, the market data may bedisplayed on the trading device, normally, in a first mode (e.g., anormal mode) and the market data may be reconfigured (e.g., obfuscated)in a second mode (e.g., a private mode or public mode). In someexamples, a user may switch between the modes manually. Additionally oralternatively, the trading device may detect when a threshold number ofelectronic devices are proximate (e.g., which indicates that people arenearby) and automatically switches the trading device and OHMD into thesecond mode. These examples (and more) enable the user to easily andefficiently interact with the trading device to view market data and/orinteract with an exchange.

Although this description discloses embodiments including, among othercomponents, software executed on hardware, it should be noted that theembodiments are merely illustrative and should not be considered aslimiting. For example, it is contemplated that any or all of thesehardware and software components may be embodied exclusively inhardware, exclusively in software, exclusively in firmware, or in anycombination of hardware, software, and/or firmware. Accordingly, certainembodiments may be implemented in other ways.

I. Brief Description of Certain Embodiments

Certain embodiments disclosed herein provide a method includingreceiving market data related to a tradeable object at a first computingdevice, generating, by the first computing device, a trading interfaceto present the market data to a trader and reconfiguring the tradinginterface from a first mode to a second mode in response to a privacycommand supplied by the trader via the first computing device. In theexample method, the first computing device is to obfuscate the marketdata presented by the trading interface when in the second mode. Theexample method includes receiving, by a second computing device, theobfuscated market data in response to the privacy command andgenerating, by the second computing device, a private interface topresent the obfuscated market data to the trader in response to theprivacy command.

Another embodiment disclosed herein provides a system that includes afirst computing device including a first processor and a first memory.The first processor is configured to execute first instructions storedon the first memory to receive market data related to a tradeableobject, generate a trading interface to present the market data to atrader and reconfigure the trading interface from a first mode to asecond mode in response to a privacy command supplied by the trader. Themarket data is to be obfuscated when the trading interface is in thesecond mode. The example system includes a second computing deviceincluding a second processor and a second memory. The second processoris configured to execute second instructions stored on the second memoryto receive the obfuscated market data in response to the privacy commandand generate a private interface to present the obfuscated market datato the trader in response to the privacy command.

An embodiment disclosed herein provides a tangible computer readablestorage medium having first instructions that, when executed, cause afirst computing device to at least receive market data related to atradeable object, generate a trading interface to present the marketdata to a trader and reconfigure the trading interface from a first modeto a second mode in response to a privacy command supplied by thetrader. In the example, the market data is to be obfuscated when thetrading interface is in the second mode. The tangible computer readablestorage medium also has second instructions that, when executed, cause asecond computing device to at least receive the obfuscated market datain response to the privacy command and generate a private interface topresent the obfuscated market data to the trader in response to theprivacy command.

In another embodiment disclosed herein, a method is provided thatincludes receiving market data related to a tradeable object at a firstcomputing device, generating, by the first computing device, a tradinginterface to present the market data to a trader and reconfiguring thetrading interface from a first mode to a second mode in response to aprivacy command supplied by the trader via the first computing device.In the example method, the first computing device is to obfuscate themarket data presented by the trading interface when in the second mode.The example method includes providing the obfuscated market data to asecond computing device in response to the privacy command. The secondcomputing device of the example method is to generate a privateinterface to present the obfuscated market data to the trader inresponse to the privacy command.

Another embodiment disclosed herein provides a system including a firstcomputing device including a processor and a first memory. The firstprocessor is configured to execute instructions stored on the firstmemory to receive market data related to a tradeable object, generate atrading interface to present the market data to a trader and reconfigurethe trading interface from a first mode to a second mode in response toa privacy command supplied by the trader. In the example system, themarket data is to be obfuscated when the trading interface is in thesecond mode. The first processor of the example system is also toprovide the obfuscated market data to a second computing device inresponse to the privacy command. The second computing device is togenerate a private interface to present the obfuscated market data tothe trader in response to the privacy command.

Disclosed herein is an embodiment that provides a tangible computerreadable storage medium having instructions that, when executed, cause afirst computing device to at least receive market data related to atradeable object, generate a trading interface to present the marketdata to a trader and reconfigure the trading interface from a first modeto a second mode in response to a privacy command supplied by thetrader. The market data is to be obfuscated when the trading interfaceis in the second mode. The instructions also cause the first computingdevice to provide the obfuscated market data to a second computingdevice in response to the privacy command. The second computing deviceis to generate a private interface to present the obfuscated market datato the trader in response to the privacy command.

Another embodiment disclosed herein provides a method that includesreceiving, by a first computing device, market data related to atradeable object in response to a privacy command supplied by a tradervia a second computing device. The second computing device reconfigures,in response to the privacy command, a trading interface from a firstmode when the market data is presented to the trader to a second modewhen the market data is obfuscated in the trading interface. The examplemethod also includes generating, by the first computing device, aprivate interface to present the market data to the trader in responseto the privacy command.

In another embodiment disclosed herein a system is provided thatincludes a first computing device including a processor and a memory.The processor is configured to execute instructions stored on the memoryto receive market data related to a tradeable object in response to aprivacy command supplied by a trader via a second computing device. Thesecond computing device reconfigures, in response to the privacycommand, a trading interface from a first mode when the market data ispresented to the trader to a second mode when the market data isobfuscated in the trading interface. The processor of the example systemis also configured to generate a private interface to present the marketdata to the trader in response to the privacy command.

Another embodiment disclosed herein provides a tangible computerreadable storage medium having instructions that, when executed, cause afirst computing device to at least receive market data related to atradeable object in response to the privacy command supplied by a tradervia a second computing device. The second computing device configures,in response to the privacy command, a trading interface from a firstmode when the market data is presented to the trader to a second modewhen the market data is obfuscated in the trading interface. Theinstructions cause the first computing device to generate a privateinterface to present the market data to the trader in response to theprivacy command.

II. Example Electronic Trading System

FIG. 1 illustrates a block diagram representative of an exampleelectronic trading system 100 in which certain embodiments may beemployed. The system 100 includes a trading device 110, a gateway 120,and an exchange 130. The trading device 110 is in communication with thegateway 120. The gateway 120 is in communication with the exchange 130.As used herein, the phrase “in communication with” encompasses directcommunication and/or indirect communication through one or moreintermediary components. The exemplary electronic trading system 100depicted in FIG. 1 may be in communication with additional components,subsystems, and elements to provide additional functionality andcapabilities without departing from the teaching and disclosure providedherein.

In operation, the trading device 110 may receive market data from theexchange 130 through the gateway 120. A user may utilize the tradingdevice 110 to monitor this market data and/or base a decision to send anorder message to buy or sell one or more tradeable objects to theexchange 130.

Market data may include data about a market for a tradeable object. Forexample, market data may include the inside market, market depth, lasttraded price (“LTP”), a last traded quantity (“LTQ”), or a combinationthereof. The inside market refers to the highest available bid price(best bid) and the lowest available ask price (best ask or best offer)in the market for the tradeable object at a particular point in time(since the inside market may vary over time). Market depth refers toquantities available at price levels including the inside market andaway from the inside market. Market depth may have “gaps” due to priceswith no quantity based on orders in the market.

The price levels associated with the inside market and market depth canbe provided as value levels which can encompass prices as well asderived and/or calculated representations of value. For example, valuelevels may be displayed as net change from an opening price. As anotherexample, value levels may be provided as a value calculated from pricesin two other markets. In another example, value levels may includeconsolidated price levels.

A tradeable object is anything which may be traded. For example, acertain quantity of the tradeable object may be bought or sold for aparticular price. A tradeable object may include, for example, financialproducts, stocks, options, bonds, future contracts, currency, warrants,funds derivatives, securities, commodities, swaps, interest rateproducts, index-based products, traded events, goods, or a combinationthereof. A tradeable object may include a product listed and/oradministered by an exchange, a product defined by the user, acombination of real or synthetic products, or a combination thereof.There may be a synthetic tradeable object that corresponds and/or issimilar to a real tradeable object.

An order message is a message that includes a trade order. A trade ordermay be, for example, a command to place an order to buy or sell atradeable object; a command to initiate managing orders according to adefined trading strategy; a command to change, modify, or cancel anorder; an instruction to an electronic exchange relating to an order; ora combination thereof.

The trading device 110 may include one or more electronic computingplatforms. For example, the trading device 110 may include a desktopcomputer, hand-held device, laptop, server, a portable computing device,a trading terminal, an embedded trading system, a workstation, analgorithmic trading system such as a “black box” or “grey box” system,cluster of computers, or a combination thereof. As another example, thetrading device 110 may include a single or multi-core processor incommunication with a memory or other storage medium configured toaccessibly store one or more computer programs, applications, libraries,computer readable instructions, and the like, for execution by theprocessor.

As used herein, the phrases “configured to” and “adapted to” encompassthat an element, structure, or device has been modified, arranged,changed, or varied to perform a specific function or for a specificpurpose.

By way of example, the trading device 110 may be implemented as apersonal computer running a copy of X_TRADER®, an electronic tradingplatform provided by Trading Technologies International, Inc. ofChicago, Ill. (“Trading Technologies”). As another example, the tradingdevice 110 may be a server running a trading application providingautomated trading tools such as ADL®, AUTOSPREADER®, and/or AUTOTRADER™,also provided by Trading Technologies. In yet another example, thetrading device 110 may include a trading terminal in communication witha server, where collectively the trading terminal and the server are thetrading device 110.

The trading device 110 is generally owned, operated, controlled,programmed, configured, or otherwise used by a user. As used herein, thephrase “user” may include, but is not limited to, a human (for example,a trader), trading group (for example, a group of traders), or anelectronic trading device (for example, an algorithmic trading system).One or more users may be involved in the ownership, operation, control,programming, configuration, or other use, for example.

The trading device 110 may include one or more trading applications. Asused herein, a trading application is an application that facilitates orimproves electronic trading. A trading application provides one or moreelectronic trading tools. For example, a trading application stored by atrading device may be executed to arrange and display market data in oneor more trading windows. In another example, a trading application mayinclude an automated spread trading application providing spread tradingtools. In yet another example, a trading application may include analgorithmic trading application that automatically processes analgorithm and performs certain actions, such as placing an order,modifying an existing order, deleting an order. In yet another example,a trading application may provide one or more trading screens. A tradingscreen may provide one or more trading tools that allow interaction withone or more markets. For example, a trading tool may allow a user toobtain and view market data, set order entry parameters, submit ordermessages to an exchange, deploy trading algorithms, and/or monitorpositions while implementing various trading strategies. The electronictrading tools provided by the trading application may always beavailable or may be available only in certain configurations oroperating modes of the trading application.

A trading application may be implemented utilizing computer readableinstructions that are stored in a computer readable medium andexecutable by a processor. A computer readable medium may includevarious types of volatile and non-volatile storage media, including, forexample, random access memory, read-only memory, programmable read-onlymemory, electrically programmable read-only memory, electricallyerasable read-only memory, flash memory, any combination thereof, or anyother tangible data storage device. As used herein, the termnon-transitory or tangible computer readable medium is expressly definedto include any type of computer readable storage media and to excludepropagating signals.

One or more components or modules of a trading application may be loadedinto the computer readable medium of the trading device 110 from anothercomputer readable medium. For example, the trading application (orupdates to the trading application) may be stored by a manufacturer,developer, or publisher on one or more CDs or DVDs, which are thenloaded onto the trading device 110 or to a server from which the tradingdevice 110 retrieves the trading application. As another example, thetrading device 110 may receive the trading application (or updates tothe trading application) from a server, for example, via the Internet oran internal network. The trading device 110 may receive the tradingapplication or updates when requested by the trading device 110 (forexample, “pull distribution”) and/or un-requested by the trading device110 (for example, “push distribution”).

The trading device 110 may be adapted to send order messages. Forexample, the order messages may be sent to through the gateway 120 tothe exchange 130. As another example, the trading device 110 may beadapted to send order messages to a simulated exchange in a simulationenvironment which does not effectuate real-world trades.

The order messages may be sent at the request of a user. For example, atrader may utilize the trading device 110 to send an order message ormanually input one or more parameters for a trade order (for example, anorder price and/or quantity). As another example, an automated tradingtool provided by a trading application may calculate one or moreparameters for a trade order and automatically send the order message.In some instances, an automated trading tool may prepare the ordermessage to be sent but not actually send it without confirmation from auser.

An order message may be sent in one or more data packets or through ashared memory system. For example, an order message may be sent from thetrading device 110 to the exchange 130 through the gateway 120. Thetrading device 110 may communicate with the gateway 120 using a localarea network, a wide area network, a wireless network, a virtual privatenetwork, a cellular network, a peer-to-peer network, a T1 line, a T3line, an integrated services digital network (“ISDN”) line, apoint-of-presence, the Internet, a shared memory system and/or aproprietary network such as TTNET™ provided by Trading Technologies, forexample.

The gateway 120 may include one or more electronic computing platforms.For example, the gateway 120 may be implemented as one or more desktopcomputer, hand-held device, laptop, server, a portable computing device,a trading terminal, an embedded trading system, workstation with asingle or multi-core processor, an algorithmic trading system such as a“black box” or “grey box” system, cluster of computers, or anycombination thereof.

The gateway 120 may facilitate communication. For example, the gateway120 may perform protocol translation for data communicated between thetrading device 110 and the exchange 130. The gateway 120 may process anorder message received from the trading device 110 into a data formatunderstood by the exchange 130, for example. Similarly, the gateway 120may transform market data in an exchange-specific format received fromthe exchange 130 into a format understood by the trading device 110, forexample.

The gateway 120 may include a trading application, similar to thetrading applications discussed above, that facilitates or improveselectronic trading. For example, the gateway 120 may include a tradingapplication that tracks orders from the trading device 110 and updatesthe status of the order based on fill confirmations received from theexchange 130. As another example, the gateway 120 may include a tradingapplication that coalesces market data from the exchange 130 andprovides it to the trading device 110. In yet another example, thegateway 120 may include a trading application that provides riskprocessing, calculates implieds, handles order processing, handlesmarket data processing, or a combination thereof.

In certain embodiments, the gateway 120 communicates with the exchange130 using a local area network, a wide area network, a wireless network,a virtual private network, a cellular network, a peer-to-peer network, aT1 line, a T3 line, an ISDN line, a point-of-presence, the Internet, ashared memory system, and/or a proprietary network such as TTNET™provided by Trading Technologies, for example.

The exchange 130 may be owned, operated, controlled, or used by anexchange entity. Example exchange entities include the CME Group, theLondon International Financial Futures and Options Exchange, theIntercontinental Exchange, and Eurex. The exchange 130 may include anelectronic matching system, such as a computer, server, or othercomputing device, which is adapted to allow tradeable objects, forexample, offered for trading by the exchange, to be bought and sold. Theexchange 130 may include separate entities, some of which list and/oradminister tradeable objects and others which receive and match orders,for example. The exchange 130 may include an electronic communicationnetwork (“ECN”), for example.

The exchange 130 may be an electronic exchange. The exchange 130 isadapted to receive order messages and match contra-side trade orders tobuy and sell tradeable objects. Unmatched trade orders may be listed fortrading by the exchange 130. Once an order to buy or sell a tradeableobject is received and confirmed by the exchange, the order isconsidered to be a working order until it is filled or cancelled. Ifonly a portion of the quantity of the order is matched, then thepartially filled order remains a working order. The trade orders mayinclude trade orders received from the trading device 110 or otherdevices in communication with the exchange 130, for example. Forexample, typically the exchange 130 will be in communication with avariety of other trading devices (which may be similar to trading device110) which also provide trade orders to be matched.

The exchange 130 is adapted to provide market data. Market data may beprovided in one or more messages or data packets or through a sharedmemory system. For example, the exchange 130 may publish a data feed tosubscribing devices, such as the trading device 110 or gateway 120. Thedata feed may include market data.

The system 100 may include additional, different, or fewer components.For example, the system 100 may include multiple trading devices,gateways, and/or exchanges. In another example, the system 100 mayinclude other communication devices, such as middleware, firewalls,hubs, switches, routers, servers, exchange-specific communicationequipment, modems, security managers, and/or encryption/decryptiondevices.

III. Expanded Example Electronic Trading System

FIG. 2 illustrates a block diagram of another example electronic tradingsystem 200 in which certain embodiments may be employed. In thisexample, a trading device 210 may utilize one or more communicationnetworks to communicate with a gateway 220 and exchange 230. Forexample, the trading device 210 utilizes network 202 to communicate withthe gateway 220, and the gateway 220, in turn, utilizes the networks 204and 206 to communicate with the exchange 230. As used herein, a networkfacilitates or enables communication between computing devices such asthe trading device 210, the gateway 220, and the exchange 230.

The following discussion generally focuses on the trading device 210,gateway 220, and the exchange 230. However, the trading device 210 mayalso be connected to and communicate with “n” additional gateways(individually identified as gateways 220 a-220 n, which may be similarto gateway 220) and “n” additional exchanges (individually identified asexchanges 230 a-230 n, which may be similar to exchange 230) by way ofthe network 202 (or other similar networks). Additional networks(individually identified as networks 204 a-204 n and 206 a-206 n, whichmay be similar to networks 204 and 206, respectively) may be utilizedfor communications between the additional gateways and exchanges. Thecommunication between the trading device 210 and each of the additionalexchanges 230 a-230 n need not be the same as the communication betweenthe trading device 210 and exchange 230. Generally, each exchange hasits own preferred techniques and/or formats for communicating with atrading device, a gateway, the user, or another exchange. It should beunderstood that there is not necessarily a one-to-one mapping betweengateways 220 a-220 n and exchanges 230 a-230 n. For example, aparticular gateway may be in communication with more than one exchange.As another example, more than one gateway may be in communication withthe same exchange. Such an arrangement may, for example, allow one ormore trading devices 210 to trade at more than one exchange (and/orprovide redundant connections to multiple exchanges).

Additional trading devices 210 a-210 n, which may be similar to tradingdevice 210, may be connected to one or more of the gateways 220 a-220 nand exchanges 230 a-230 n. For example, the trading device 210 a maycommunicate with the exchange 230 a via the gateway 220 a and thenetworks 202 a, 204 a and 206 a. In another example, the trading device210 b may be in direct communication with exchange 230 a. In anotherexample, trading device 210 c may be in communication with the gateway220 n via an intermediate device 208 such as a proxy, remote host, orWAN router.

The trading device 210, which may be similar to the trading device 110in FIG. 1, includes a server 212 in communication with a tradingterminal 214. The server 212 may be located geographically closer to thegateway 220 than the trading terminal 214 in order to reduce latency. Inoperation, the trading terminal 214 may provide a trading screen to auser and communicate commands to the server 212 for further processing.For example, a trading algorithm may be deployed to the server 212 forexecution based on market data. The server 212 may execute the tradingalgorithm without further input from the user. In another example, theserver 212 may include a trading application providing automated tradingtools and communicate back to the trading terminal 214. The tradingdevice 210 may include additional, different, or fewer components.

In operation, the network 202 may be a multicast network configured toallow the trading device 210 to communicate with the gateway 220. Dataon the network 202 may be logically separated by subject such as, forexample, by prices, orders, or fills. As a result, the server 212 andtrading terminal 214 can subscribe to and receive data such as, forexample, data relating to prices, orders, or fills, depending on theirindividual needs.

The gateway 220, which may be similar to the gateway 120 of FIG. 1, mayinclude a price server 222, order server 224, and fill server 226. Thegateway 220 may include additional, different, or fewer components. Theprice server 222 may process price data. Price data includes datarelated to a market for one or more tradeable objects. The order server224 processes order data. Order data is data related to a user's tradeorders. For example, order data may include order messages, confirmationmessages, or other types of messages. The fill server collects andprovides fill data. Fill data includes data relating to one or morefills of trade orders. For example, the fill server 226 may provide arecord of trade orders, which have been routed through the order server224, that have and have not been filled. The servers 222, 224, and 226may run on the same machine or separate machines. There may be more thanone instance of the price server 222, the order server 224, and/or thefill server 226 for gateway 220. In certain embodiments, the additionalgateways 220 a-220 n may each includes instances of the servers 222,224, and 226 (individually identified as servers 222 a-222 n, 224 a-224n, and 226 a-226 n).

The gateway 220 may communicate with the exchange 230 using one or morecommunication networks. For example, as shown in FIG. 2, there may betwo communication networks connecting the gateway 220 and the exchange230. The network 204 may be used to communicate market data to the priceserver 222. In some instances, the exchange 230 may include this data ina data feed that is published to subscribing devices. The network 206may be used to communicate order data to the order server 224 and thefill server 226. The network 206 may also be used to communicate orderdata from the order server 224 to the exchange 230.

The exchange 230, which may be similar to the exchange 130 of FIG. 1,includes an order book 232 and a matching engine 234. The exchange 230may include additional, different, or fewer components. The order book232 is a database that includes data relating to unmatched trade ordersthat have been submitted to the exchange 230. For example, the orderbook 232 may include data relating to a market for a tradeable object,such as the inside market, market depth at various price levels, thelast traded price, and the last traded quantity. The matching engine 234may match contra-side bids and offers pending in the order book 232. Forexample, the matching engine 234 may execute one or more matchingalgorithms that match contra-side bids and offers. A sell order iscontra-side to a buy order. Similarly, a buy order is contra-side to asell order. A matching algorithm may match contra-side bids and offersat the same price, for example. In certain embodiments, the additionalexchanges 230 a-230 n may each include order books and matching engines(individually identified as the order book 232 a-232 n and the matchingengine 234 a-234 n, which may be similar to the order book 232 and thematching engine 234, respectively). Different exchanges may usedifferent data structures and algorithms for tracking data related toorders and matching orders.

In operation, the exchange 230 may provide price data from the orderbook 232 to the price server 222 and order data and/or fill data fromthe matching engine 234 to the order server 224 and/or the fill server226. Servers 222, 224, 226 may process and communicate this data to thetrading device 210. The trading device 210, for example, using a tradingapplication, may process this data. For example, the data may bedisplayed to a user. In another example, the data may be utilized in atrading algorithm to determine whether a trade order should be submittedto the exchange 230. The trading device 210 may prepare and send anorder message to the exchange 230.

In certain embodiments, the gateway 220 is part of the trading device210. For example, the components of the gateway 220 may be part of thesame computing platform as the trading device 210. As another example,the functionality of the gateway 220 may be performed by components ofthe trading device 210. In certain embodiments, the gateway 220 is notpresent. Such an arrangement may occur when the trading device 210 doesnot need to utilize the gateway 220 to communicate with the exchange230, such as if the trading device 210 has been adapted to communicatedirectly with the exchange 230.

IV. Example Computing Device

FIG. 3 illustrates a block diagram of an example computing device 300which may be used to implement the disclosed embodiments. The tradingdevice 110 of FIG. 1 may include one or more computing devices 300, forexample. The gateway 120 of FIG. 1 may include one or more computingdevices 300, for example. The exchange 130 of FIG. 1 may include one ormore computing devices 300, for example.

The computing device 300 includes a communication network 310, aprocessor 312, a memory 314, an interface 316, an input device 318, andan output device 320. The computing device 300 may include additional,different, or fewer components. For example, multiple communicationnetworks, multiple processors, multiple memory, multiple interfaces,multiple input devices, multiple output devices, or any combinationthereof, may be provided. As another example, the computing device 300may not include an input device 318 or output device 320.

As shown in FIG. 3, the computing device 300 may include a processor 312coupled to a communication network 310. The communication network 310may include a communication bus, channel, electrical or optical network,circuit, switch, fabric, or other mechanism for communicating databetween components in the computing device 300. The communicationnetwork 310 may be communicatively coupled with and transfer databetween any of the components of the computing device 300.

The processor 312 may be any suitable processor, processing unit, ormicroprocessor. The processor 312 may include one or more generalprocessors, digital signal processors, application specific integratedcircuits, field programmable gate arrays, analog circuits, digitalcircuits, programmed processors, and/or combinations thereof, forexample. The processor 312 may be a single device or a combination ofdevices, such as one or more devices associated with a network ordistributed processing. Any processing strategy may be used, such asmulti-processing, multi-tasking, parallel processing, and/or remoteprocessing. Processing may be local or remote and may be moved from oneprocessor to another processor. In certain embodiments, the computingdevice 300 is a multi-processor system and, thus, may include one ormore additional processors which are communicatively coupled to thecommunication network 310.

The processor 312 may be operable to execute logic and other computerreadable instructions encoded in one or more tangible media, such as thememory 314. As used herein, logic encoded in one or more tangible mediaincludes instructions which may be executable by the processor 312 or adifferent processor. The logic may be stored as part of software,hardware, integrated circuits, firmware, and/or micro-code, for example.The logic may be received from an external communication device via acommunication network such as the network 340. The processor 312 mayexecute the logic to perform the functions, acts, or tasks illustratedin the figures or described herein.

The memory 314 may be one or more tangible media, such as computerreadable storage media, for example. Computer readable storage media mayinclude various types of volatile and non-volatile storage media,including, for example, random access memory, read-only memory,programmable read-only memory, electrically programmable read-onlymemory, electrically erasable read-only memory, flash memory, anycombination thereof, or any other tangible data storage device. As usedherein, the term non-transitory or tangible computer readable medium isexpressly defined to include any type of computer readable medium and toexclude propagating signals. The memory 314 may include any desired typeof mass storage device including hard disk drives, optical media,magnetic tape or disk, etc.

The memory 314 may include one or more memory devices. For example, thememory 314 may include local memory, a mass storage device, volatilememory, non-volatile memory, or a combination thereof. The memory 314may be adjacent to, part of, programmed with, networked with, and/orremote from processor 312, so the data stored in the memory 314 may beretrieved and processed by the processor 312, for example. The memory314 may store instructions which are executable by the processor 312.The instructions may be executed to perform one or more of the acts orfunctions described herein or shown in the figures.

The memory 314 may store a trading application 330. In certainembodiments, the trading application 330 may be accessed from or storedin different locations. The processor 312 may access the tradingapplication 330 stored in the memory 314 and execute computer-readableinstructions included in the trading application 330.

In certain embodiments, during an installation process, the tradingapplication may be transferred from the input device 318 and/or thenetwork 340 to the memory 314. When the computing device 300 is runningor preparing to run the trading application 330, the processor 312 mayretrieve the instructions from the memory 314 via the communicationnetwork 310.

V. Trading Interface

FIG. 4A illustrates an example trading interface 400 in which certainembodiments may be employed. The example trading interface 400 showsmarket data for a tradeable object at a first point in time. While thefollowing examples are described in conjunction with the exampleelectronic trading system 200 of FIG. 2, the examples disclosed hereinmay be implemented in other electronic trading systems, such as theexample trading system 100 of FIG. 1.

As described above in conjunction with FIG. 2, the trading device 210receives market data related to one or more tradeable objects from theexchange 230 and/or the exchanges 230 a-230 n through the gateway 220and/or the gateways 220 a-220 n, respectively. The trading device 210provides a trading application including trading tools to process and/ororganize the market data and provide the example trading interface 400.Trading tools include, for example, MD TRADER®, X_TRADER®, ADL®,AUTOSPREADER®, and AUTOTRADER™, each provided by Trading Technologies.The trading device 210 provides the trading interface 400 to enable auser to view market data and communicate trade orders and trade actionswith an electronic exchange.

In the illustrated example of FIG. 4A, the trading interface 400includes a bid column 402, a value column 404, and an ask column 406.The trading interface 400 further includes a working order (W/O) column408 and a last traded quantity (LTQ)/last traded price (LTP) column 410.The trading interface 400 may include other columns such as an estimatedposition in queue (EPIQ) column, a single combined bid/ask column, auser-defined indicator column, an inside market indicator column, and/orany other column for providing indicators. The trading interface 400also includes rows such as row 412. The columns intersect with the rowsto define cells such as cell 414. In other embodiments, differentorientations other than vertical columns may be used (e.g., horizontaland diagonal arrangements).

In the illustrated example, bid indicators representing the bidquantities of the tradeable object are displayed in the bid column 402,value indicators corresponding to value levels are displayed in thevalue column 404, and ask indicators representing the ask quantities ofthe tradeable object are displayed in the ask column 406. A bid quantityis a quantity available on the bid side of the tradeable object at agiven value level. The value levels can be configured to representprices, net change, derivatives of price, consolidated prices, synthetictradeable object pricing, spread pricing, and/or other representationsof value. The ask quantity is a quantity available on the ask side ofthe tradeable object at a given value level. The indicators are notlimited to numerical values and can include any type or combination ofindicator or symbol to illustrate the presence of available quantitywithout providing a specific numeric value. For example, the indicatorsmay include text, icons, colors, lines, and/or other graphicalrepresentations. In one example, the indicators may represent a range ofquantity available at particular value levels in place of specific, andfrequently changing, quantity values. In another example, the relativesize of indicators may proportionally represent the quantity available.In another example, the indicators may represent simply that there isquantity available with no illustration of the amount in excess of zero.

Trading interfaces, such as the trading interface 400, may includeindicators to identify the inside market. The inside market indicatorsmay utilize multiple representations to identify the highest bid priceand the lowest ask price. The inside markets indicators may also includeadditional information such as information related to quantities at theinside market. Examples of inside market indicators include a best bidprice indicator representing the highest available bid price, a best askprice indicator representing the lowest available ask price, and/or anindicator representing a range between the highest available bid priceand the lowest available ask price. As shown in FIG. 4B, the insidemarket indicator may highlight and identify the range 458 of valuelevels between the highest available bid price of “96450” and the lowestavailable ask price of “96525”. Inside market indicators may bedisplayed within the trading interface to identify specific valuelevel(s) in the value column 404. For example, a best bid priceindicator may be displayed in a cell containing a bid quantity indicatorand corresponding to a value level that reflects the best bid price. Asanother example, a best ask price indicator may be a color or symbolcombined with an ask quantity indicator in the ask column 406 in a cellcorresponding to a value level that reflects the best ask price. Asanother example, inside market indicators may be displayed at valuelevels within the value column 404 that reflect the best bid price andthe best ask price. The inside market indicators can include any type orcombination of indicator or symbol (e.g., the indicators may includetext, icons, colors, lines, and/or other graphical representations).

In certain embodiments, the inside market indicators may be provided bythe presence of a quantity indicator. The presence of a quantityindicator refers to the existence and location of the quantityindicator. For example, the presence of the best bid quantity indicator,independent of the quantity value displayed at any given point in time,in the bid column may be the best bid price indicator. Thus, theexistence of a quantity indicator at the highest value level in the bidcolumn is the best bid price indicator. To be clear, in this example,the value of the bid quantity indicator is not part of the best bidprice indicator. Rather, the existence of the bid quantity indicatoritself at the highest value level in the bid column is the best bidprice indicator. In other words, the display of the highest bid quantityindicator is the best bid price indicator. As shown in FIG. 4A, thepresence of the bid quantity indicator “151” at the highest value levelin the bid column at the price of “96350” is the best bid priceindicator 460. Similarly, the presence of the ask quantity indicator“267” at the lowest value level in the ask column at the price of“96375” is the best ask price indicator 462.

From the user's perspective, the trading interface 400 may present anddisplay indicators, such as inside market and LTP/LTQ indicators, in amanner that conveys the appearance of movement relative to the valuecolumn 404. For example, the manner in which the trading interfacealters the position of the best bid price indicator and the best askprice indicator relative to the value levels within the value column mayallow the user to perceive changes in both the speed and direction oftrading within a market. The trading interface 400 updates based onreceived market data. For example, the trading interface 400 moves thebest bid price indicator 460 relative to the value column 404 when thereceived market data includes a quantity at a new highest bid price. Asanother example, the trading interface 400 moves a LTP indicator 464(shown in the LTQ column 410 of FIG. 4A) relative to the value column404 when the received market data includes a new last traded price.

The trading interface 400 shown in FIG. 4A depicts and identifies theinside market via the best bid price indicator 460 aligned with thehighest available bid price and the best ask price indicator 462 alignedwith the lowest available ask price at a first point in time. Forexample, the best bid price indicator 460 is moved to reflect the changein the best bid price from “96350” (FIG. 4A) to “96450” (FIG. 4B).Similarly, the best ask price indicator 462 is moved to reflect thechange in the best ask price from “96375” to “96525”. By observing themovement of the inside market indicators relative to the value column404 in the described manner, the user can quickly perceive that themarket is trading higher.

Moreover, as illustrated in the trading interface 400 shown in FIG. 4A,the bid quantity indicator “151” is at the best bid price “96350” andthe ask quantity indicator “267” is at the best ask price “96375”. Atthe second point in time, the displayed quantity indicators are updatedto reflect new quantities available. As shown in FIG. 4B, the bidquantity indicator “56” is at the best bid price “96450” and the askquantity indicator “41” is at the best ask price “96525”. Although thequantity values have changed, it is the presence of the bid quantityindicator at the highest value level in the bid column and the presenceof the ask quantity indicator at the lowest value level that are theinside market indicators.

From the user's perspective, indicators may appear to move relative tothe value column 404. This appearance of movement may result frompainting an indicator in a new location on the trading interface 400 orpainting over to remove an indicator from the trading interface 400.Painting may include drawing on a surface, multilayer compositing, orother rendering techniques. For example, in the bid column 402, paintinga new quantity indicator above the current best bid quantity indicatorcreates the appearance of upward movement to inform the user that themarket has moved. In another example, in the ask column 406, paintingover the best ask quantity indicator to remove it from the tradinginterface 400 results in the appearance of upward movement in themarket. As another example, other indicators such as the LTP indicator464 can appear to move relative to the value column 404 using thesetechniques.

The movement of the indicators relative to the value column 404 may beimplemented in a variety of ways. In certain embodiments, movement of anindicator includes repositioning the indicator from one location toanother location. For example, the best bid price indicator may be agraphical user interface element or object, such as a line, shape,arrow, or sprite, the on-screen position of which is changed to a newlocation representing a new best bid price. In certain embodiments,movement of an indicator includes removing the indicator at one locationand replacing it with a new indicator at another location, which as usermay perceive as the appearance of movement. For example, the best bidprice indicator may be a yellow background color for a cell in the valuecolumn 404. When the best bid price changes, the background color forthe cell is changed to default color (e.g., black) and the backgroundcolor of a second cell associated with the new best bid price is changedto yellow to provide the new best bid price indicator. In certainembodiments, the object representing the best bid price indicator maychange from one location to another location. For example, the value,color and/or shape of the best bid price indicator may change from onelocation to another location.

When quantity information is displayed in relation to the value column404 and the market moves up or down, the inside market indicators can besaid to “move” up or down from the user's perspective in relation to thevalue column 404 to reflect a new highest bid price or a new lowest askprice. For example, when the quantity indicators are represented withnumerical values and the inside market indicators are provided by thepresence of the highest bid quantity indicator and lowest ask quantityindicator, the exact numeric value representing the quantity at the bestbid price or the best ask price need not move or provide the appearanceof movement. The quantity indicators, in this particular example, atthose particular price levels may have changed, but they do not actuallymove—it is the best bid indicator that has “moved.”

The value indicators in the value column 404 may be repositioned. Aselected value indicator may be repositioned to a designated locationand other value indicators are repositioned relative to the selectedvalue indicator. The selected value indicator may be based on, forexample, a user selection or market related values such as the highestbid price or lowest ask price, LTP, and a calculated average of the bestbid and best ask prices. The designated location may be a pre-determinedlocation or a location defined by a user. In one configuration, inresponse to the repositioning command, the selected value indicator maybe moved to the designated location corresponding to the middle of thedisplay (e.g., to a location corresponding substantially to the midpointof the length of the value column 404). In another configuration, inresponse to the repositioning command, the selected value indicator canbe displayed at a user-identified or pre-defined position within thedisplay. From a user's perspective, repositioning is the appearance ofmovement of values in the value column 404 to new locations in the valuecolumn 404. This appearance of movement may result from repainting thevalues in the value column 404.

The value indicators in the value column 404 may be repositioned inresponse to various commands or triggering conditions. In one example,the value indicators displayed in the value column 404 may berepositioned in response to a triggering condition. Some examples of atriggering condition include: a user input; expiration of an alarm ortimer; a determination that the inside market is, or may be, moving offthe display; a determination that the inside market has exceeded anupper threshold or a lower threshold; an event in another tradinginterface; a market event relating to the same or a different tradeableobject; a user-defined event; and/or a determination that a valueexceeds a threshold.

In some examples, an indicator based on market data (such as best bid,best ask, LTP) may be displayed at the same fixed location in thetrading interface 400. For example, the best bid indicator in the bidcolumn 402 may be displayed at a specified fixed location. The fixedlocation may be pre-determined or defined by a user. For example, thebest bid indicator and/or the best ask indicator may, for example, bemaintained at the center of the display, at the top of the display, atthe bottom of the display or any designated location.

In the illustrated example, the values, which are prices, are displayedwithout decimal points (which may be a format or convention expected bya user) and in descending order from a top to a bottom of the valuecolumn 404 in the orientation of FIG. 4A. In other examples, the pricesare listed in other orders (e.g., ascending order from top to bottom)and/or formats (e.g., with decimal points, fractions, in scientificnotation, and/or any other format).

In the illustrated example, the indicators in the bid column 402 and theask column 406 are updated to indicate quantity changes at each valuelevel identified along the value column 404. For example, values of theask quantities and/or the bid quantities may increase or decrease due toorder quantities being added, deleted or matched at each value level.The indicators may be updated based on a timer and/or in response to newdata being received, for example.

In some examples, the trading interface 400 includes additional and/ordifferent information. In the illustrated example, the trading interface400 also displays a net price change 416 of the tradeable object over agiven amount of time (e.g., since the market opened on a given day). Thetrading interface 400 also includes a total volume 418 of the tradeableobject (e.g., a number of lots that have been traded). Other embodimentsmay include different and/or additional information.

The trading interface 400 also enables the user to specify parametersfor a trade order. In the illustrated example, the trading interface 400includes a quantity field 420. The quantity field 420 displays aquantity (e.g., 5) for an order that the user will send to market, andthe user may adjust the quantity by selecting (e.g., via a mouse) one ofa plurality of buttons 422 adjacent the quantity field 420 or entering anew value into the quantity field 420. If the user selects a button 424labeled “CLEAR” in the illustrated example, the quantity field 420 iscleared (e.g., the quantity displayed in the quantity field 420 isadjusted to be zero).

The trading interface 400 further enables the user to enter an order tobuy or sell a tradeable object via an order entry area configured toreceive a selection and in response initiate placement of the order.Selection of an order area may be by a single action of an input devicesuch as a single click, a double click, or a multi-touch gesture.Initiating placement of an order may include preparing a message to sendan order to an exchange or sending an order to an electronic exchange.The trading interface 400 may include multiple order entry areas. Thetrading interface 400 may request that a user confirm an order to beplaced prior to sending it.

Order entry areas may overlap or encompass one or more regions of atrading interface. For example, an order entry area may overlap all orpart of the cells making up a row. As another example, an order entryarea may overlap all or part of the cells in a column such as the bidcolumn, ask column or value column. In another example, an order entryarea may overlap a cell and a region outside of the cell. In certainembodiments, a trading interface may include a first order entry areaoverlapping first cell and a second order entry area overlapping asecond cell. In certain embodiments, a first order entry area overlaps afirst cell and a portion of a second cell, and a second order entry areaoverlaps a portion of the second cell and a third cell. In certainembodiments, order entry areas may encompass other regions of thetrading interface.

Each order entry area may align with a value level. For example, anorder entry area may be aligned with one of the value levels making upthe value column 404. In another example, an order entry area may beindependent of and not aligned with a value level.

An order entry area may be linked to other elements of the tradinginterface 400. For example, an order entry area may be linked to aparticular value level making up a value column by specifying a valuelevel followed by specifying an order entry area. Subsequently,selection of the linked order entry initiates placement of the orderbased on the linked value. As another example, selection of a cellassociated with a particular value level may link a pre-defined orderentry area to the particular value level.

Upon selection of an order entry area to initiate placement of an order,one or more parameters of the order may be determined based on theselected order entry area. Order parameters may include order price,order quantity, order side, and/or order type. Other order parametersmay be specified. Values for the parameters may be default values,preconfigured values, previously determined values, values set based onthe location of the selection within the order entry area, values setbased on the location of the order entry area, values set based on themethod of the selection (e.g., a left click, a right click, a keyboardentry and a double click).

The manner in which the selection of an order entry area is made mayaffect the type of order or the way in which placement of an order isinitiated. For example, selection within a row configured as an orderentry area may include correlating the position of the selection to aspecific cell or column arranged and aligned relative to the order entryarea. The type of single action provided via the input device mayfurther specify the selection. For example, if the user initiates asingle action corresponding to a right click within an order entry areaaligned with a portion of the row corresponding to a cell in the valuecolumn, then the selection may initiate placement of a buy order.Similarly, if the user initiates a single action corresponding to a leftclick over a portion of the row corresponding to a cell in the valuecolumn, then the selection may initiate placement of a sell order. Asanother example, selecting an order entry area encompassing the cells inthe bid column may initiate placement of a buy market order when theselection is a single point touch applied to a touch sensitive interfaceand a buy sweep order when the selection is a two point touch to thetouch sensitive interface.

VI. Trading Device Privacy Systems and Related Methods

FIG. 5 illustrates an example privacy system 500 configured to presentobfuscated data to a user (e.g., a trader) in a privacy setting (e.g.,mode) in accordance with the teachings of this disclosure. The exampleprivacy system 500 includes a trading device 502 to display market dataand wearable display such as an optical head mounted display (OHMD) 504to view at least a portion of the market data. The trading device 502may be similar to, for example, the trading device 210 and receivemarket data related to one or more tradeable objects from the exchange230 and/or the exchanges 230 a-230 n through the gateway 220 and/or thegateways 220 a-220 n, respectively.

The trading device 502 includes a user interface or screen 506 todisplay information. In the illustrated example, the trading device 502is displaying a trading interface 508 having a plurality of cells (e.g.,in the form of rows and columns) for presenting information. The tradinginterface 508 may similar to, for example, the trading interface 400 andmay be implemented as a trading application that includes trading toolsto process and/or organize the market data. Trading tools include, forexample, MD TRADER®, X_TRADER®, ADL®, AUTOSPREADER®, and AUTOTRADER™,each provided by Trading Technologies. The trading device 502 providesthe trading interface 508 to enable a user to view market data andcommunicate trade orders and trade actions with an electronic exchange.

In the illustrated example, the trading interface 508 includes a bidcolumn 510, a value column 512, an ask column 514, a working order (W/O)column 516 and a last traded quantity (LTQ)/last traded price (LTP)column 518. As mentioned above, the trading interface 508 may be similarto, for example, the trading interface 400 of FIG. 4A. However, in theillustrated example, at least a portion of the market data in thetrading interface 508 is obfuscated or otherwise hidden from causalobservation. Specifically, in this example, the values of the marketdata from columns 510-518 are removed or not displayed in theircorresponding cells of the trading interface 508. By obfuscating themarket data on the trading interface 508, anyone viewing the tradinginterface 508 is unable to ascertain any valuable information from thetrading device 502.

To present the market data to a user, privately, the example OHMD 504includes a lens 520 with a screen 522 (e.g., which generates a privateinterface) on an inner surface of the lens 520. The screen 522 displaysat least a portion of the market data in an unobfuscated format for theuser to see. In other words, the OHMD 504 displays the market datavalues that have been obfuscated (e.g., removed) from the tradinginterface 508. In some examples, the market data values are presented onthe screen 522 without the corresponding cells (e.g., the lines thatform the cells) that are displayed via the trading interface 508. Toview the market data values in the corresponding cells of the tradinginterface 508, the screen 522 is to display the market data values overor in front of the trading interface 508 when the screen is aligned withthe trading device 508. Thus, the user may view the market data valuesappear as if they are in the corresponding cells as normal. FIG. 5illustrates an enlarged view of the market data being displayed on thescreen 522 in an overlapping or overlaid format with the tradinginterface 508.

To align the market data values on the screen 522, the OHMD 504 of theillustrated example includes a camera 524. Using the camera 524, theOHMD 504 tracks the position, location and/or orientation (e.g., angle)of the trading device 502 (e.g., via an algorithm). In other words, thecamera 524 detects where the trading interface 508 is and how it isoriented relative to the screen 522 (e.g., how the screen 522 is alignedwith the trading interface 508). The market data is then displayed onthe screen 522, which, in turn, overlaps with the trading interface 508(from the viewpoint of the user), to present the market data in aviewable and understandable form (e.g., similar the enlarged view ofFIG. 5). The OHMD 504 adjusts the size, spacing and/or location of themarket data values on the screen 522 to align with the trading interface508. Thus, when viewing the trading device 502 through the screen 522,the trading interface 508 appears as normal such as, for example,similar to the trading interface 400 of FIG. 4A. As such, other peoplearound the user (e.g., proximate the user) cannot see what informationthe user is viewing on the trading device 502, because the market dataobfuscated (e.g., removed and hidden from observation). In this example,the market data is completely removed from the trading interface 508 onthe trading device 502. Therefore, only the user wearing the OHMD 504receives the market data from the viewpoint of the user.

In the illustrated example, the trading interface 508 includes an upscroll button 526 and a down scroll button 528 that enable a user toscroll up or down through the columns 510-518 of market data. Whenscrolling up and down through the market data on the trading interface508, the market data values and their position on the screen 522 of theOHMD 504 change accordingly to align the market data values with theircorresponding cells on the trading interface 508. Therefore, the usermay view all of the market data values as normal.

In the illustrated example, the trading device 502 is a phone. However,the trading device 502 may be implemented one or more of a desktopcomputer, hand-held device (e.g., a tablet), laptop, server, a portablecomputing device, a trading terminal, an embedded trading system, aworkstation, an algorithmic trading system such as a “black box” or“grey box” system, cluster of computers, or a combination thereof.

Although the trading interface 508 is illustrated as the MD TRADER®, byTrading Technologies, the trading device 502 may display any type ofinterface (e.g., an internet application, a game, a Microsoft WORD®document, etc.) that presents information to a user that the user deemsprivate or confidential.

In the illustrated example, the OHMD 504 is implemented as a wearableheadset. The OHMD 504 may be implemented as, for example, Google Glass,Media glasses, virtual reality glasses and/or any other wearablecomputing device capable of displaying information to a user in aprivate interface. Other example implementations of the OHMD 504 includean Integrated Helmet And Display Sight System (IHADSS), and a ScorpionHelmet Mounted Cueing System (HMCS).

In the illustrated example of FIG. 6, the trading device 502 is incommunication with the OHMD 504, which enables the trading device 502 totransmit (e.g., send, transfer) market data or other information toand/or receive signals from the OHMD 504. As disclosed herein, thetrading device 502 may receive market data from one or more gatewaysand/or exchanges (e.g., the gateway 120 and/or the exchange 130). Inturn, the trading device 502 transmits the market data to the OHMD 504to be displayed on the screen 522. Because the trading device 502 andthe OHMD 504 are in communication, the OHMD 504 is capable of displayingthe market data on the screen 522 of the OHMD 504 without being alignedwith trading interface 508 on the trading device 502. For example, someOHMDs include a screen that is aligned in front the user's eye. As such,a user may be able to align the market data on the screen 522 with thetrading interface 508 (e.g., similar to FIG. 5) to view the market dataand understand it's relation to the different areas on the tradinginterface 508. However, other example OHMDs (e.g., Google Glass) includea screen that is located near a side of the user's head and is theuser's periphery. Therefore, the privacy system 500 enables a user toview the market data on the periphery without having to align the marketdata and the trading interface 508.

In some examples, to enable the user to associate the market datadisplayed on the screen 522 with the corresponding cells in the tradinginterface 508 without having to align the screen 522 with the tradinginterface 508, the trading interface 508 displays values within thevalue column 514 and the screen 522 displays a column 600 of associatedvalues (e.g., a price ladder, a price tree) to the user. By providingvalues within these two areas, a user can associate the market datadisplayed on the screen 522 with certain cells in the trading interface508 (e.g., by viewing the relative spacing or number of cells from areference cell).

However, to enable the user to keep the correct values in the valuecolumn 514 private, the values in the value column 514 on the tradinginterface 508 are obfuscated. Specifically, in this example, the valuesin the value column 514 are altered or adjusted. For example, thetrading device 502 displays the values without the first two numbers ordigits. On the other hand, the values in the column 600 on the screen522 are displayed correctly. As such, a user wearing the OHMD 504 may beable to tell where the information on the screen 522 is without havingto align the screen 522 with the trading interface 508 (e.g., bymatching the last three digits).

In some examples, the trading device 502 transmits instructions todisplay the correct values in the value column 514. In other examples,the camera 524 on the OHMD may detect the presence of the values in thevalue column 514 and may adjust the values to display correctly in thecolumn 600 on the screen 522 (e.g., via instructions from the tradingdevice 502 to adjust the values). The obfuscated values in the tradinginterface 508 may be altered or adjusted by removing certain digits(e.g., the first digit), multiplying the values by a multiplier (e.g.,×2) and/or changing the numbers in accordance with other suitableadjustment factor.

In some examples, the manner in which the values on the tradinginterface 508 are adjusted or altered is set (e.g., predetermined) bythe user. For example, the user may select to have the first two numbersof the values in the value column 514 removed. Therefore, when the useris viewing the values in the value column 514 on the trading device 502,the user can recognize that only the last few digits are present. Assuch, the user can easily identify how the market data on the screen 522corresponds with the cells on the trading device 502. In other examples,the user may select to have the values in the value column 514multiplied by a certain factor.

In some examples, one or more cells in the trading interface 508 may behighlighted and the corresponding market data on the screen 522 is alsohighlighted. For example, in the illustrated example of FIG. 6, the userselected (e.g., by touching or hovering over the screen 506 with his/herfinger, via a stylus, via a keyboard on the trading device 502) thescreen 506 to highlight cell 602 on the trading interface 508. Inresponse, the trading device 502 communicates the request to the OHMD504 to highlight the corresponding value of the cell 602 on the screen522. Therefore, the user can recognize which value(s) on the screen 522correspond to which cells on the trading interface 508 of the tradingdevice 502. The trading interface 508 and/or the screen 522 mayhighlight the corresponding areas using a different color and/orshading. Additionally or alternatively, the OHMD 504 may detect when oneor more of the cells are highlighted on the trading interface 508 viathe camera 524. In response, the OHMD 504 highlights the correspondingdata values on the screen 522 for the user to identify the data valuesthat correspond to the highlighted cell. Thus, in some examples, thehighlighted or selected market data information is not sent from tradingdevice 502, but is instead identified by the OHMD 504.

In the illustrated example, only a portion of the values from thetrading interface 508 are obfuscated. For example, the values in thecolumns 510, 512, 516, 518 are not displayed or removed, and the valuesin the value column 514 are obfuscated using the adjustment technique.However, other values from column 514 on the trading interface 508 arestill displayed on the trading device 502. In other examples, all of thevalues or information from the trading interface 508 is obfuscated. Inother examples, other portions of the value or information from thetrading interface 508 are obfuscated.

In some examples, the privacy system 500 enables a user to switchback-and-forth between a private mode or setting, in which at least aportion of the market data is obfuscated, and a normal mode or setting,in which the market data is presented as normal via the tradinginterface 508. In some examples, these modes or settings are manuallyimplemented via a switch or button on the trading device 502 and/or theOHMD 504. For example, the screen 506 of the trading device 502 displaysa button 604 (SWAP) to switch back-and-forth between the privacy modeand the normal mode. In the illustrated example, the trading device isin the privacy mode, and an indicator 606 is displayed on the screen 506(e.g., or in the trading interface 508) as “PRIVATE MODE,” whichindicates to the user in what mode the trading device 502 is operating.If a user selects the button 604, the trading device 502 switches to thenormal mode to display all of the market data on the trading interface508, normally (e.g., unobfuscated). In response, the indicator 606 maydisplay “NORMAL MODE” to indicate to the user in what mode the tradingdevice 502 is operating. In some examples, the OHMD 504 may use facialcharacter recognition software to detect (e.g., via the camera 524) whenother people are close to the trading device 502.

Additionally or alternatively, the privacy system 500 may switch intothe privacy mode automatically such as, for example, when other peopleare detected near the trading device 502. For example, the tradingdevice 502 and/or the OHMD 504 may transmit a signal (e.g., a ping) andmonitor for a response from other electronic devices in the proximity.In some examples, the trading device 502 and/or the OHMD 504 may monitorfor other signals (e.g., cell phone signals, wireless data signals,etc.) transmitted from nearby devices. If other electronic devices aredetected, the privacy system 500 switches into the privacy mode toprevent other people from viewing the market data on the trading device502. In some examples, this is overridden by a manual command from theuser (e.g., by selecting the button 604).

Instead of communicating the market data from the trading device 502 tothe OHMD 504 (e.g., directly) as indicated by the communicationconnection 608, in some examples the trading device 502 and/or the OHMD504 are in communication with a network such as, for example, theInternet, an intranet, a virtual private network (VPN), a personal areanetwork (PAN) a trading platform, a server (e.g., an exchange server, anorder server, a gateway, etc.), etc. In the illustrated example of FIG.7, the privacy system 500 is in communication with a network 700 thatprovides the market data to the trading device 502 and/or the OHMD 504and also enables communication between the trading device 502 and theOHMD 504. The network 700 provides real-time market data to the tradingdevice 502 and/or the OHMD 504.

To enable the OHMD 504 to detect the source of the market data that isto be presented via the trading interface 508, the privacy system 500includes a network indicator 702 on the screen 506 or trading interface508 to indicate the source of the market data. The camera 524 detects(e.g., scans) the network indicator 702 so that the OHMD 504 can linkwith the network 700 to receive the same market data as the tradingdevice 502. In the illustrated example, the network indicator 702 isimplemented as a Quick Response (QR) code. The camera 524 of the OHMD504 detects the QR code 702, identifies the network 700 associated withthe QR code 702 (e.g., via an integrated algorithm or processingcomponent) and retrieves the market data to be displayed on the screen522. In other examples, other types of network indicator(s) may beutilized such as, for example, a uniform resource locator (URL), a barcode and/or any other resource graphic that is capable of being detectedand interpreted by the OHMD 504.

In the illustrated example of FIG. 7, the market data values areobfuscated on the trading interface 508 by removing or not displayingthe market data values. The market data is displayed on the screen 522of the OHMD 504 for the user to view. To enable the user to match orassociate the market data on the screen 522 with the corresponding cellsof the trading interface 508, the trading interface 508 provides insidemarket lines 704 a, 704 b, and the OHMD 504 provides lines 706 a, 706 bcorresponding to the location of the inside market lines 704 a, 704 b.In other words, the screen 522 displays the lines 706 a, 706 b aroundthe market data values that correspond to the cells that are identifiedwithin the inside market lines 704 a, 704 b. As a result, a user canassociate the market data displayed on the screen 522 with certain cellsin the trading interface 508 by using the inside market lines 704 a, 704b and the lines 706 a, 706 b as reference points, for example.

In some examples, the trading device 502 communicates with the OHMD 504through the network 700. For example, as the cells of the tradinginterface 508 are scrolled up or down (e.g., via the scroll buttons 526,528), the inside market lines 704 a, 704 b shift up or down. The tradingdevice 502 communicates with the OHMD 504 through the network 700 toinstruct the OHMD to display the lines 706 a, 706 b the same, so thatthe user can match the market data with the corresponding cells on thetrading interface 508. Additionally or alternatively, the OHMD 504 maydetect the inside market lines 704 a, 704 b via the camera 524 of andautomatically display the lines 706 a, 706 b in the correspondinglocation on the screen 522. In the illustrated example, the insidemarket lines 704 a, 704 b define the inside market. However, in otherexamples, other lines or indicators may be utilized on the tradinginterface 508 and a corresponding line(s) or indicator(s) may likewisebe displayed on the screen 522.

In some examples, to enable the user to correlate market data in certaincells, one or more cells in the trading interface 508 may be highlightedand the corresponding market data on the screen 522 is also highlighted.For example, the user may select (e.g., by touching or hovering over thescreen 506 with his/her finger, via a stylus, via a keyboard on thetrading device 502) the screen 506 to highlight cells 708, 710 on thetrading interface 508. In response, the trading device 502 communicatesthe request through the network 700 to the OHMD 504 to highlight thecorresponding market data values of the cells 708, 710 (e.g., 92 and96375) on the screen 522. In the illustrated example, the values on thescreen 522 are enlarged and highlighted with a border or edge (e.g.,emphasized). Therefore, the user can recognize which value(s) on thescreen 522 corresponds to which cells on the trading interface 508 ofthe trading device 502. In some examples, the OHMD 504 detects (via thecamera 524) the highlighting of the one or more cells on the tradinginterface 508, retrieves the corresponding market data values from thenetwork 700, and highlights the corresponding market data values on thescreen 522 for the user to identify the market data values thatcorrespond to the highlighted cell of the trading interface 508.

In some examples, instead of obfuscating the market data from thetrading interface 508 by removing the values completely, an indicator orcode may be displayed. The indicator or code may be similar to thenetwork indicator 702. For example, a QR code may be displayed in a cellof the trading interface 508, and the camera 524 may detect the QR codeand interpret the code as a certain value and present the market data onthe screen 522. In some examples, the QR code identifies a source orlocation of where the market data value is to be retrieved (e.g., viathe network 700).

In the illustrated example of FIG. 8, the example trading device 502 andthe example OHMD 504 are not in communication with each other. In thisexample, the OHMD 504 uses an integral algorithm to interpret symbols orgraphics on the trading interface 508. Similar the example illustratedin FIG. 6, the trading interface 508 includes values in the value column514 so that the user can recognize the relation of the correspondingcells on the screen 522. Additionally, similar to the exampleillustrated in FIG. 6, the values in the value column 514 areobfuscated. In this example, each of the values is adjusted by 5000. Inother words, each of the values presented in the value column 514 is5000 less than the correct value. Therefore, when viewed by other peoplein proximate area, only the incorrect values are visible on the tradingdevice 502.

In some examples, the adjustment factor is set (e.g., predetermined) bythe user. For example, the user may select to have the values in thevalue column 514 represented as 5000 less than the correct market datavalues. Therefore, when the user is viewing the values in the valuecolumn 514 on the trading device 502, the user understands the correctvalues associated with the values in the value column 514 (e.g., byadding 5000 to the values). In some examples, this adjustment factor isprogrammed into the OHMD 504, so that when displaying the values in anyof the cells of the value column 514, the OHMD 504 adds back in 5000 todisplay the values correctly on the screen 522 to the user.

In the illustrated example, the privacy system 500 obfuscates the marketdata in the cells of the trading interface 508 using symbols. Thesymbols may be any dynamic or static graphic, icon, character, letter,number, pictogram, color, gradient, altered textual string, QR codeand/or URL. To indicate which cells of data are to be displayed on thescreen 522, one or more cells in the trading interface 508 may behighlighted and detected by the OHMD 504 via the camera 524. Forexample, cells 800, 802, 804, 806, 808 (e.g., a row) have beenhighlighted on the trading interface 508 and an edge or border 810 isdisplayed around the cells 800-808 on the trading interface 508. Thecamera 522 of the OHMD 504 detects the border 810 and interprets thesymbols within the cells 800-808 that have been highlighted for display.The cells 800-808 may be highlighted by the user (e.g., via touching,via a stylus, via a keyboard). In other examples, other types ofhighlighting (e.g., color, shading, etc.) are may be used to indicatethe selection.

In some examples, the trading interface 508 utilizes a color gradient toindicate to the user where the matching market data corresponds. Forexample, the cells at the bottom of the trading interface 508 may beshaded dark blue, and the cells at the top of the trading interface 508may be shaded dark red, and the cells between the top and the bottom areincrementally shaded between blue and red. In response, the screen 522displays the market data values and also includes the colored cells onthe screen 522, so that the user can match up the coloring of the cellson the trading interface 508 with the colors of the market values on thescreen 522. In some examples, the lens 520 and/or the screen 522 of theOHMD 504 are color tinted, and the color gradient may appear differentlywhen viewed through the OHMD 504.

In some examples, the privacy system 500 includes a confirmation, whichprevents the user from inadvertently (e.g., by accidently touching thescreen 506) placing orders on the trading interface 508 because themarket data and/or other information is obfuscated. For example, in someinstances an order may be placed by a single selection of one of thecells on the trading interface 508. However, when in the privacy mode, aportion of the market data and/or other information on the tradinginterface 508 may be obfuscated (e.g., not displayed and/or otherwisenot legible to an unaided human eye) and the user may accidently placean order unintentionally. Therefore, in the illustrated example of FIG.9, a confirmation window 900 (e.g., a menu, a window pane, a screen, abox) appears when an order for a tradeable object is to be placed (e.g.,entered). The confirmation window 900 is displayed on the screen 506 sothat the user can recognize that an order is about to be placed. Theexample confirmation window 900 includes a first button 902 YES toconfirm and place the order and a second button 904 CANCEL to cancel theorder.

In some examples, the screen 522 displays a confirmation informationwindow 906 when the confirmation window 900 is displayed on the tradinginterface 508. In some examples, the confirmation information window 906includes additional information about the proposed order that is notdisplayed on the screen 506 of the trading device 502. Therefore, otherpeople in the proximity of the trading device 502 are prevented fromseeing the details of the potential order. For example, the confirmationinformation window 906 indicates that the order is a bid, for a quantityof twenty (20), at a price of 96350. In some examples, the OHMD 504obtains this data from one or more symbols presented on the confirmationwindow 900. In other examples, such as in the examples of FIGS. 5-7, thetrading device 502 may communicate directly with the OHMD 504. Theconfirmation information window 906 may include more or fewer parametersabout the potential order. In some examples, the same information mayalso be displayed on in the confirmation window 900.

In the illustrated example of FIG. 10, the OHMD 504 includes a projector1000 to display the trading interface 508 on a surface such as, forexample, a wall 1002. Similar to any of the examples of FIGS. 5-9, thetrading interface 508 is displayed with the cells or outline of theladder with at least a portion of the market data obfuscated. The OHMD504 displays the market data on the screen 522 to the user. In someexamples, when the user views the trading interface 508 on the wall 1000through the lens 520, the market data aligns (e.g., similar to theexamples of FIG. 5) within the cells of the trading interface 508. Thecamera 524 may be used to detect the position, location and/ororientation of the trading device 508 on the wall 1002, and the OHMD 504may adjust the size, spacing and/or location of the market data valueson the screen 522 to align with the trading interface 508. As such, thetrading interface 508 and the market data values align and appear asnormal. In other examples, the screen 522 and the trading interface 508are not aligned. Instead, one or more of the cells on the tradinginterface 508 may be selected or highlighted and the correspondingmarket data value(s) may be displayed on the screen 522 to the user. Forexample, the camera 524 may detect the user's hand or finger in front ofone or more of the cells and may display and/or highlight thecorresponding market data on the screen 522. The camera 524 may alsodetect input via a pen, laser pointer and/or other suitable tools, forexample. The user may interact with the trading interface 508 displayedon the wall 1002 similar to that on the trading device 502. In otherwords, the projector 1000 and the camera 524 operate as a tradingdevice.

Any of the features, functions and advantages of the example privacysystem 500 disclosed in FIGS. 5-10 may be achieved independently invarious embodiments or may be combined in other embodiments.

FIG. 11 is a block diagram of an example trading device 1100 that may beused to implement the example trading device 504 of FIGS. 5-10. Theexample trading device 1100 includes a trading interface generationmodule 1102 to generate a trading interface such as, for example, thetrading interface 508 of FIGS. 5-10. The trading interface may includeany layout or design to present market data and/or other information toa user. In some examples, the trading interface is to be displayed on ascreen of the trading device. In other examples, such as in the examplesof FIG. 10, the trading interface 508 is presented on a surface (e.g.,the wall 1002) via the projector 1000.

The trading device 1100 of FIG. 11 includes a market data obfuscationmodule 1104 to obfuscate at least a portion of the market data. Themarket data may be obfuscated by removing or not displaying a marketdata value (e.g., similar to the examples in FIG. 7), by converting amarket data value into one or more symbols (e.g., similar to theexamples in FIG. 8), by altering or adjusting a value of the market data(e.g., similar to the values in the value column 514 in FIGS. 6 and 8)and/or by presenting the market data value(s) in any other form that hasbeen altered from its normal display. In some examples, the market dataobfuscation module 1104 is preset with certain factors for converting ormanipulating market data. For example, in FIGS. 6 and 8, the values inthe value column 514 are offset or adjusted by a certain factor, whichmay be predetermined by the user.

In some examples, the trading device 1100 operates between a privatemode, where the market data obfuscation module 1104 is to obfuscate themarket data, and a normal mode, where the trading interface generationmodule 1102 is to present or display the market data as normal. Thetrading device 1100 may include a button or switch for manuallyswitching back-and-forth between the private mode (e.g., when the useris in a public setting) and the normal mode. For example, in theexamples of FIG. 6, the trading device 502 includes the button 604 toswitch back-and-forth between a private mode and a normal mode.Additionally or alternatively, in some examples this determination isperformed automatically. For example, the trading device 1100 maytransmit one or more signals (e.g., a ping) to identify if otherelectronic devices (e.g., cell phones, tablets, etc.) are in a proximity(e.g., within a threshold proximity). In some examples, a signal istransmitted at a certain increment of time to constantly monitor forother electronic devices. In some examples, the trading device 1100 maymonitor for signals (e.g., cell phone signals, data signals, etc.) thatare transmitted from other electronic devices nearby. If a thresholdnumber of devices (e.g., 1 device, 4 devices, etc.) is detected, thetrading device 1100 automatically switches to the private mode and themarket data obfuscation module is to obfuscate the market data. If thethreshold number of devices is not detected, the trading device mayswitch or remain in the normal mode.

The trading device 1100 includes a network communication module 1106 toenable the trading device system 1100 to communicate and interact with anetwork such as, for example, an internet website, a platform and/or aserver. The network communication module 1106 retrieves market data fromthe network that is to be presented (e.g., in an obfuscated form) by thetrading interface generation module 1102. The network communicationmodule 1106 also enables a user to interact with the network to, forexample, place orders with an exchange. For example, in the examples ofFIG. 7, the network 700 provides market data and other information tothe trading device 502 and enables the trading device 502 to communicatewith the OHMD 504.

In the illustrated example, the trading device 1100 includes an OHMDdevice communication module 1108 to communicate with an OHMD (e.g., aprivate interface). In some examples, the trading device system 1100 isto communicate the market data, which may be obfuscated, to an OHMD tobe presented to a user. For example, when in the private mode, thetrading device 1100 may communicate the obfuscated market data to theOHMD device via the OHMD device communication module. Additionally oralternatively, the OHMD device communication module 1108 communicatesother commands or requests from the trading device 1100 to an OHMD. Forexample, if certain cells are highlighted or selected on the tradinginterface, the OHMD device communication module 1108 communicates withthe OHMD device to display and/or highlight the corresponding marketdata values. For example, in the examples of FIG. 6, the cell 602 isselected or highlighted on the trading interface 508, and the tradingdevice 502 communicates with the OHMD 504 to highlight the market datacorresponding to the cell 602 on the screen 522.

The example trading device 1100 includes a user input detection module1110 to detect input from a user. In some examples, a user may interactwith the trading device 1100 by touching (e.g., via tactile selection) ascreen or display of the trading interface. In other examples, userinput may be in the form of a selection from a stylus. In otherexamples, a user may hover his/her finger over an area on the tradinginterface. The user input detecting module 1110 detects or identifiesthese commands and/or requests by the user and communicates them to, forexample, a network via the network communication module 1106. Forexample, a user may place an order for a tradeable object by selectingthe tradeable object market data on the trading interface. In someexamples, the user input detection module 1110 receives input from auser regarding the mode. For example, the user may manually selectbetween operating the trading device 1100 in the private mode or in thepublic mode.

The example trading device 1100 modules 1102-1110 are communicativelycoupled to other components of the example trading device 1100 viacommunication links 1112. The communication links 1112 may be any typeof wired connection (e.g., a databus, a USB connection, etc.) or awireless communication mechanism (e.g., radio frequency, infrared, etc.)using any past, present or future communication protocol (e.g.,Bluetooth, USB 2.0, USB 3.0, etc.). Also, the components of the examplesystem 1100 may be integrated in one device or distributed over two ormore devices.

FIG. 12 is a block diagram of an example OHMD device 1200 that may beused to implement the example OHMD 504 of FIGS. 5-10. The example OHMDdevice 1200 includes a private interface generation module 1202 topresent and display information (e.g., market data) to a user. Theexample private interface generation module 1202 generates (e.g.,formats and/or configures) the market data values to be displayed to auser via a private interface. In some examples, the market data isdisplayed on a screen on a lens that is worn by the user. For example,the OHMD 504 of FIGS. 5-10 includes the screen 522 on the lens 520 todisplay market data and/or other information to the user wearing theOHMD 504. The market data may be displayed in multiple formats and mayinclude additional indicators or signifiers (e.g., highlighting,coloring, shading, etc.) for associating the market data on the screen522 with the trading interface 508 on the trading device 502.

The example OHMD device 1200 of FIG. 12 includes a trading interfacedetection module 1204 to detect or identify a trading interface. In someexamples, a camera is utilized to identify features of a tradinginterface. For example, in FIG. 5, the OHMD 504 detects that the cell602 of the trading interface 508 is highlighted, via the camera 524. Insome examples, the trading interface detection module 1204 detects theposition, location and/or orientation of trading interface or thetrading device upon which the trading interface is provided.

In the illustrated example, the OHMD device 1200 includes an obfuscateddata interpretation module 1206 to interpret data (e.g., market data)that has been obfuscated on a trading interface. In some examples, amarket data value is obfuscated on a trading interface by removing ornot displaying (e.g., suppressing) the market data value, by alteringthe value of the data and/or by converting the data into one or moresymbols (e.g., a dynamic or static graphic, icon, character, letter,number, pictogram, color, gradient, altered textual string, QR codeand/or a URL). The obfuscated data interpretation module 1206 mayinterpret the obfuscated data such that the correct data may bepresented to the user via the private interface generation module 1202.For example, in FIG. 6, the values in the value column 514 have beenobfuscated by removing the first two digits of the values. The OHMD 504detects these values in the value column 514 and interprets the values(e.g., by adding the first two digits back onto the values) to presentthe correct values to the user via the screen 522. In some examples, atrading interface displays the market data as one or more symbols (e.g.,a dynamic or static graphic, icon, character, letter, number, pictogram,color, gradient, altered textual string, QR code and/or a URL), and theobfuscated data interpretation module 1206 interprets the symbol(s)(e.g., via an integrated algorithm). For example, in examples of FIG. 8,the market data is obfuscated on the trading interface 508 by displayingthe market data values as one or more symbols (e.g., a string ofsymbols). The OHMD 504 includes an integral processor with an algorithmthat can interpret the symbols, so that the corresponding market datamay be presented to the user via the screen 522.

The example OHMD device 1200 of FIG. 12 includes a trading devicecommunication module 1208 to communicate with a trading device such as,for example, the trading device 502 and/or 1100 of FIGS. 5-11. In someexamples, OHMD device system 1200 receives market data, commands, and/orother information directly from a trading device. For example, in FIG.6, the trading device 502 communicates the market data to the OHMD 504(e.g., via Bluetooth, and/or WiFi).

In some examples, the OHMD 1200 operates between a private mode and anormal mode, and the OHMD device 1200 presents market data (via theprivate interface generation module 1202) when the OHMD device 1200 isin the private mode. As disclosed herein, a trading device (e.g., thetrading device 502, the trading device 1100) may operate between aprivate mode and a normal mode. The mode may be switched manually and/orautomatically. In some examples, the OHMD device 1200 may detect whenthe trading device is operating in a private mode by detecting anindication on the trading interface via the trading interface detectionmodule 1204. For example, in the examples of FIG. 6, the OHMD device 504may detect that the trading device 502 is in the private mode bydetecting the mode indicator 606 (e.g., via optical recognition from thecamera 524). In some examples, if the OHMD device 1200 is operating in anormal mode, the OHMD device 1200 does not present any market data tothe user.

In the illustrated example, the OHMD device 1200 includes a networkcommunication module 1210 to enable the OHMD device 1200 to communicateand interact with a network such as, for example, an internet website, aplatform or a server. The network communication module 1210 retrievesmarket data from the network. In some examples, a trading devicecommunicates with the OHMD device system 1200 through the network. Insome examples, a network is identified by the OHMD device system 1200using a camera and a network indicator. For example, in examples of FIG.7, the network indicator 702 is detected and interpreted by the camera524 of the OHMD 504 to identify what network to communicate with. Thetrading device 502 may be retrieving market data from a particularwebsite, for example, and the network indicator 702 may indicate thesame website to the OHMD 504, so that the OHMD 504 is able to retrievethe corresponding market data.

The example trading device 1200 modules 1202-1210 are communicativelycoupled to other components of the example system 1200 via communicationlinks 1212. The communication links 1212 may be any type of wiredconnection (e.g., a databus, a USB connection, etc.) or a wirelesscommunication mechanism (e.g., radio frequency, infrared, etc.) usingany past, present or future communication protocol (e.g., Bluetooth, USB2.0, USB 3.0, etc.). Also, the components of the example OHMD device1200 may be integrated in one device or distributed over two or moredevices.

FIG. 13 illustrates a flow diagram of an example process or method 1300to generate and/or present obfuscated market data to a user. The examplemethod 1300 may be performed by the privacy system 500 of FIG. 5-11, thetrading device 1100 of FIG. 11 and/or the OHMD device 1200 of FIG. 12 toimplement any of the examples disclosed herein. The example method 1300includes receiving market data (block 1302). Market data may be receivedfrom one or more exchanges at a trading device (e.g., a first computingdevice). Market data feed generally includes the price, order, and fillinformation for an individual tradeable object, for example. In anembodiment, the market data feed provides the highest bid price (HBP)and the lowest ask price (LAP) for a tradeable object, referred to asthe “inside market,” in addition to the current bid and ask prices andquantities in the market, referred to as “market depth.” Some exchangesprovide an infinite market depth, while others provide no market depthor only a few prices away from the inside market. The number of marketdata feeds received may depend on the number of tradeable objectsselected for spread trading by a user, or alternatively, some or all ofthe data feeds from an exchange are received and only those tradeableobjects which are part of the spread are traded. The market datainformation is represented as nodes and edges on a selectable graphinterface (e.g., the price ladder of the trading interface 508). Theuser can facilitate a trade by selected a node and/or edge in thedisplayed graph.

The example method 1300 includes detecting or determining whether aprivacy system (e.g., a trading device and/or a private interface) is ina private mode (block 1304). In some examples, a trading device includesa button or switch for manually switching back-and-forth between theprivate mode (e.g., a public mode) and a normal mode. For example, inthe examples of FIG. 6, the trading device 502 includes the button 604to switch back-and-forth between a private mode and a normal mode.Additionally or alternatively, in some examples this determination isperformed automatically. For example, a trading device may transmit oneor more signals (e.g., a ping) to identify if other electronic devices(e.g., cell phones, tablets, etc.) are in a proximity (e.g., within athreshold proximity). In some examples, a signal is transmitted at acertain increment of time to constantly monitor for other electronicdevices. If a threshold number of devices (e.g., 1 device, 4 devices,etc.) is detected, the trading device automatically switches to theprivate mode. If the threshold number of devices is not detected, thetrading device may switch or remain in the normal mode.

If not in a private mode, the example method 1300 includes generating atrading interface to present market data (block 1306). A tradinginterface may be, for example, similar to the trading interface 400 ofFIG. 4 and/or the trading interface 508 of FIGS. 5-10. In some examples,a trading interface includes a price ladder or price tree having aplurality of cells (e.g., areas of the trading interface) forming a gridof columns and rows to present market data. In the private mode, themarket data may be displayed, visibly, by a trading device, such thatany person in the proximity of the trading device can view thecorresponding market data.

The example method 1300 includes detecting a command to switch to aprivate mode (block 1308). As disclosed, in some examples, a tradingdevice may be manually switched to a private mode. In other examples,this operation may be performed automatically. When switched to aprivate mode, the example method 1300 includes reconfiguring the tradinginterface to obfuscate market data (block 1310). Similarly, if theprivacy system was previously in the private mode (block 1304), themethod 1300 includes generating the trading interface with obfuscatedmarket data (block 1312). The market data may be obfuscated by removingor not displaying a market data value (e.g., similar to the examples inFIG. 7), by converting a market data value into one or more symbols(e.g., similar to the examples in FIG. 8), by altering or adjusting avalue of the market data (e.g., similar to the values in the valuecolumn 514 in FIGS. 6 and 8) and/or by presenting the market datavalue(s) in any other form that has been altered from its normaldisplay.

The example method 1300 includes generating a private interface topresent the obfuscated market data (block 1314). In some examples, theprivate interface is displayed on a screen of an OHMD. The OHMD mayinclude, for example, a lens with the screen that only the wearer oruser can view. As such, other people in the proximity of the user areunable to view the market data displayed on the screen of the OHMD. Forexample, in FIGS. 5-10, the OHMD 504 may be worn by a user and includesa lens 520 with a screen 522 for displaying market data to the user.

In some examples, the private interface presents all or a portion of themarket data that has been obfuscated on the trading interface. In someexamples, an OHMD device detects or receives the obfuscated market datafrom a trading device and interprets the data to be presented to theuser. In some examples, the market data to be displayed is transmittedfrom the trading device. Additionally or alternatively, the market datamay be retrieved from a network (e.g., the network 700 of FIG. 7). Insome examples, an OHMD includes a camera or other detection device todetect symbols on the trading interface and interprets the symbols(e.g., via an integrated algorithm) into market data to be presented tothe user.

The example method 1300 includes detecting a selection of an area of thetrading interface (block 1316). To enable a user to understand how themarket data on the private interface corresponds to the obfuscated dataon the trading interface, one or more areas (e.g., cells) on the tradinginterface may be selected or highlighted. In some examples, a user mayinteract with the trading interface by touching (e.g., via his/herfinger, via a stylus) a screen of a device that the trading interface isdisplayed. In some examples, a trading device includes a plurality ofbuttons (e.g., a keyboard, direction arrow buttons) to interact with thetrading interface. In some examples, the trading interface is projectedonto a surface, and a camera detects a position of the user's hand orfinger and determines which area(s) to select. For example, in examplesof FIG. 10, the OHMD 504 includes the projector 1000 to project thetrading interface 508 on the wall 1002, and the camera 524 may determinewhich cells of the trading interface 508 are to be selected by detectinga position of the user's hand or finger in front of the projectedtrading interface 508.

If an area of the trading interface is selected, the example method 1300includes altering the trading interface to demarcate the selected area(block 1318). In some examples, the area of the trading interface isdemarcated by highlighting the area with, for example, a color, ashading and/or a border around the selected area. For example, in theexamples of FIG. 6, the cell 602 is displayed as highlighted in adifferent shade on the trading interface 508. In the example of FIG. 8,the cells 800-808 have been selected and the border 810 is providedaround the cells 800-808 to indicate that the cells 800-808 have beenselected.

The example method 1300 includes altering the private interface todemarcate market data corresponding to the selected area (block 1320),which enables the user to understand or recognize the market datapresented on the private interface corresponds to the obfuscated data onthe trading interface. In some examples, the private interface presentsor displays a corresponding highlighting (e.g., a color, a shadingand/or border around the market data that associated with the selectedarea of the trading interface). For example, in FIG. 6, the value (e.g.,92) that corresponds to the cell 602 is highlighted via shading on thescreen 522. In FIG. 7, the values (e.g., 92, 96375) are displayed on thescreen 522 with a border or edge and are enlarged, which emphasizes themarket data values relative to the other values. Therefore, a user canrecognize which market data value(s) correspond to the selected area(e.g., cell) on the training interface 508.

The example method 1300 includes detecting a trading command (block1322). A trading command may be a command to buy or sell a quantity of atradeable object, for example. In some examples, a user may place orenter a trading command by selecting an area of the trading interface.For example, in the trading interface 508 of FIG. 6, a user may selectcell 602 to place an order to sell the tradeable object to the offer tobuy the tradeable object.

The example method 1300 includes displaying a request for confirmationof the trade (block 1324). In some examples, the request forconfirmation is provided as an additional step to prevent a user fromaccidently placing a trade order (e.g., when the market data and/orother information is obfuscated on the trading interface). For example,in FIG. 9, the confirmation window 900 is displayed before placing atrading order and requests confirmation from the user to place thetrading order. This additional step prevents a user from inadvertentlyplacing a trading order (or a wrong trading order) unintentionally.Additionally or alternatively, in some examples the private interfacedisplays confirmation information relating to the trading order. Theconfirmation information may include additional information that is notdisplayed on the trading interface, for example. In the illustratedexample of FIG. 9, the confirmation information window 906 on the screen522 includes additional information (e.g., the type of order, thequantity and the price) relating to the trading order that is to beplaced. In some examples, this information is also displayed on thetrading interface 508.

The example method 1300 includes detecting if there is a command toswitch to a normal mode (block 1326). If commanded, the example method1300 returns to receiving the market data (block 1302) and generatingthe trading interface in accordance with the example method 1300.

FIG. 14 illustrates a flow diagram of an example process or method 1400to generate and/or present obfuscated market data to a user. The examplemethod 1400 may be performed by trading device 502 of FIGS. 5-10 and/orthe trading device 1100 of FIG. 11 to implement any of the examplesdisclosed herein. In some examples, one or more of elements of themethod 1400 may be combined or implemented with one or more elements ofthe method 1300 such as, for example, those elements performed by thetrading device. The example method 1400 includes receiving market data(block 1402). The market data may be received (block 1402) similar tothe market data (block 1302) received in the example method 1300.

The example method 1400 includes detecting or determining whether aprivacy system is in a private mode (block 1402). If not in a privatemode, the example method 1400 includes generating a trading interface topresent market data (block 1406), detecting a command to switch to theprivate mode (block 1408) and reconfiguring the trading interface toobfuscate market data (block 1410). If in the private mode (block 1404),the method 1400 includes generating the trading interface withobfuscated market data (block 1414). The example steps (blocks1404-1412) in the method 1400 may be similar to the example steps(blocks 1304-1312) of the example method 1300 of FIG. 13.

The example method 1400 of FIG. 14 includes providing the obfuscatedmarket data to an OHMD device (block 1414) (e.g., to be presented in theprivate interface). In some examples, market data is communicated (e.g.,transferred, sent, transmitted) from a trading device to the OHMD. Forexample, in the examples of FIG. 6, the trading device 502 communicatesmarket data to the OHMD 504 (e.g., via a wireless connection). In someexamples, market data and/or other information (e.g., commands,instructions, etc.) are provided through a network to the OHMD device.For example, in the examples of FIG. 7, the trading device 502 and theOHMD 504 are in communication with the network 700, and the tradingdevice 502 communicates with the OHMD 504 through the network 700.

The example method 1400 includes detecting a selection of an area of thetrading interface (block 1416) and altering the trading interface todemarcated the selected area (block 1418) if an area of the tradinginterface is selected, which may be similar to the example steps (block1316 and 1318) disclosed in the example method 1300 of FIG. 13.

The example method 1400 includes providing the indication of theselected area to the OHMD device (block 1420). The indication of theselected area may be communicated from a trading device to the OHMDdevice (e.g., directly, via a network). In some examples, displaying orpresenting the demarcated area on the trading interface communicates theindication to the OHMD device. For example, in FIG. 6, the cell 602 ishighlighted and the camera 524 of the OHMD 504 may detect (e.g., via thecamera 524) the highlighting and identify the selected cell 602. Assuch, the indication is provided to the OHMD 504 by displaying thedemarcated area on the trading interface 508.

The example method 1400 includes detecting a trading command (block1422), which may be similar to detecting a trading commanded (block1322) as disclosed in the example method 1300 of FIG. 13. The examplemethod 1400 includes requesting confirmation of the trade via thetrading interface (block 1424). In some examples, the request forconfirmation is provided as an additional step to prevent a user fromaccidently placing a trade order via the trading interface (e.g., whenthe market data and/or other information is obfuscated on the tradinginterface). For example, in FIG. 9, the confirmation window 900 isdisplayed on the trading interface 508 before placing a trading order.The confirmation window 900 requests confirmation from the user to placethe trading order. If the user does not confirm or accept the order, thetrading interface 508 does not place or enter the order. This additionalconfirmation helps prevent a user from inadvertently placing a tradingorder (or a wrong trading order). In other examples, additionalinformation relating to the trading order is displayed on the tradinginterface (e.g., the type of trade, the quantity, the price, etc.).

The example method 1400 includes detecting if there is a command toswitch to a normal mode (block 1426). If commanded, the example method1400 includes receiving the market data (block 1402) and generating thetrading interface in accordance with the example method 1400.

FIG. 15 illustrates a flow diagram of an example process or method 1500to generate and/or present obfuscated market data to a user. The examplemethod 1500 may be performed by the OHMD 504 of FIGS. 5-10 and/or theOHMD device 1200 of FIG. 12 to implement any of the examples disclosedherein. In some examples, one or more of elements of the method 1500 maybe combined or implemented with one or more elements of the method 1300such as, for example, those elements performed by the OHMD. The examplemethod 1500 includes receiving market data that is obfuscated in atrading interface in a private mode (block 1502). In some examples,obfuscated market data is received by an OHMD device (e.g., to bepresented on the private interface) from a trading device and/or througha network that is communication with the trading device. In someexamples, obfuscated market data is received by an OHMD device via acamera and detection software that enables the OHMD device to identifyand interpret obfuscated market data. For example, in the examples ofFIG. 8, the OHMD 504 identifies and interprets symbols displayed in thetrading interface 508. The symbols may be one or more of a dynamic orstatic graphic, icon, character, letter, number, pictogram, color,gradient, altered textual string, QR code and/or a URL.

The example method 1500 includes generating a private interface topresent market data (block 1504). The private interface may beimplemented as an OHMD, for example. In some examples, an OHMD includesa lens with a screen that only the wearer or user can view. As such,other people in the proximity of the user are unable to view the marketdata. For example, in FIGS. 5-10, the OHMD 504 may be worn by a user andincludes a lens 520 with a screen 522 for displaying market data to theuser. The screen 522 is disposed on an inner surface of the lens 520, sothat only the wearer is capable of seeing the contents of the screen522.

The example method 1500 includes determining if an area of the tradinginterface is selected (block 1506) (e.g., demarcated). In some examples,the identification of a selected area on the trading interface iscommunicated from the trading device to the OHMD device. For example, inthe examples of FIG. 6, the trading device 502 may communicate (e.g.,via Bluetooth) a message to the OHMD 504 that the cell 602 has beenselected. In some examples, the OHMD device detects if an area has beenselected (e.g., via optical recognition by a camera). The OHMD deviceidentifies highlighting (e.g., a coloring, a shading and/or a border) inthe trading interface. For example, in FIG. 6, the OHMD 504 may detectthe selected cell 602 via the camera 524.

If an area of the trading device has been selected, the example method1500 includes altering the private interface to demarcate market datacorresponding to the selected area (block 1508), which enables the userto understand or recognize the market data presented on the privateinterface corresponds to the obfuscated data on the trading interface.In some examples, the private interface presents or displays acorresponding highlighting such as, for example, a coloring, a shadingand/or a border around the market data that is associated with theselected area of the trading interface. For example, in FIG. 6, thevalue (e.g., 92) that corresponds to the cell 602 is highlighted viashading on the screen 522. In FIG. 7, the values (e.g., 92, 96375) aredisplayed on the screen 522 with a border or edge and are enlarged,which emphasizes the market data values relative to the other values. Assuch, a user can recognize or understand that the highlighted marketvalue corresponds to the selected area or cell of the training interface508.

The example method 1500 includes detecting a trading command (block1510). A trading command may be a command to buy or sell a quantity of atradeable object, for example. In some examples, a user may place orenter a trading command by selecting an area of the trading interface ona trading device, and the trading device communicates the trade requestto the OHMD device. In other examples, the OHMD device may detect awindow (e.g., a confirmation window) on the trading interface, via acamera, and determine that a trading command has been provided.

If a trading command is provide, the example method 1500 includesdisplaying a request for confirmation of the trade (block 1512). In someexamples, the request for confirmation is provided to help prevent auser from accidently placing a trade order (e.g., when the market dataand/or other information is obfuscated on the trading interface). Forexample, in the illustrated example of FIG. 9, the confirmationinformation window 906 is displayed on the screen 522, which indicatesthat a trading order is ready to be placed pending the confirmation. Insome examples, the request for confirmation includes additionalinformation (e.g., the type of order, the quantity and the price)relating to the trading order that is to be placed.

The example method 1500 includes determining if a privacy system hasbeen switched to a normal mode (block 1514). If the privacy system isstill in private mode, the method 1500 continues to receive theobfuscated market data (block 1302) and generate a private interface topresent the market data (block 1504). If switched to a normal mode(block 1514), a privacy system may cease presenting market data on aprivate interface (e.g., because the market data is displayed on atrading device as normal).

Some of the described figures depict example block diagrams, systems,and/or flow diagrams representative of methods that may be used toimplement all or part of certain embodiments. One or more of thecomponents, elements, blocks, and/or functionality of the example blockdiagrams, systems, and/or flow diagrams may be implemented alone or incombination in hardware, firmware, discrete logic, as a set of computerreadable instructions stored on a tangible computer readable medium,and/or any combinations thereof, for example.

The example block diagrams, systems, and/or flow diagrams may beimplemented using any combination of application specific integratedcircuit(s) (ASIC(s)), programmable logic device(s) (PLD(s)), fieldprogrammable logic device(s) (FPLD(s)), discrete logic, hardware, and/orfirmware, for example. Also, some or all of the example methods may beimplemented manually or in combination with the foregoing techniques,for example.

The example block diagrams, systems, and/or flow diagrams may beperformed using one or more processors, controllers, and/or otherprocessing devices, for example. For example, the examples may beimplemented using coded instructions, for example, computer readableinstructions, stored on a tangible computer readable medium. A tangiblecomputer readable medium may include various types of volatile andnon-volatile storage media, including, for example, random access memory(RAM), read-only memory (ROM), programmable read-only memory (PROM),electrically programmable read-only memory (EPROM), electricallyerasable read-only memory (EEPROM), flash memory, a hard disk drive,optical media, magnetic tape, a file server, any other tangible datastorage device, or any combination thereof. The tangible computerreadable medium is non-transitory.

Further, although the example block diagrams, systems, and/or flowdiagrams are described above with reference to the figures, otherimplementations may be employed. For example, the order of execution ofthe components, elements, blocks, and/or functionality may be changedand/or some of the components, elements, blocks, and/or functionalitydescribed may be changed, eliminated, sub-divided, or combined.Additionally, any or all of the components, elements, blocks, and/orfunctionality may be performed sequentially and/or in parallel by, forexample, separate processing threads, processors, devices, discretelogic, and/or circuits.

While embodiments have been disclosed, various changes may be made andequivalents may be substituted. In addition, many modifications may bemade to adapt a particular situation or material. Therefore, it isintended that the disclosed technology not be limited to the particularembodiments disclosed, but will include all embodiments falling withinthe scope of the appended claims.

1. (canceled)
 2. A method comprising: receiving at a first computingdevice market data related to a tradeable object; generating by thefirst computing device a trading interface to present the market data toa trader; reconfiguring by the first computing device the tradinginterface from a first mode to a second mode in response to receiving aprivacy command supplied by the trader via the first computing device,the first computing device to obfuscate the market data presented by thetrading interface when in the second mode; and providing by the firstcomputing device the obfuscated market data to a second computing devicein response to the privacy command, the second computing device togenerate a private interface to present the obfuscated market data tothe trader in response to the privacy command.
 3. The method of claim 2,wherein the second computing device comprises an optical head mounteddisplay to render the private interface.
 4. The method of claim 2,further comprising projecting, by the first computing device, thetrading interface onto a surface to present the trading interface to thetrader.
 5. The method of claim 2, further comprising obfuscating themarket data when the trading interface is in the second mode bysuppressing display of the market data.
 6. The method of claim 2,further comprising obfuscating the market data when the tradinginterface is in the second mode by symbolically representing the marketdata with a symbol comprising at least one of a Quick Response (QR)code, a uniform resource locator (URL), a pictogram, a color, agradient, or an altered textual string.
 7. The method of claim 6,wherein the obfuscated market data is provided to the second computingdevice via the symbolically represented market data, the secondcomputing device interpreting the symbolically represented market datacaptured via a camera of the second computing device to generate theobfuscated market data.
 8. The method of claim 6, wherein the obfuscatedmarket data is provided to the second computing device via thesymbolically represented market data, the second computing deviceretrieving the obfuscated market data from a remote source identified bythe symbol.
 9. The method of claim 2, further comprising: detecting atrading command supplied by the trader to execute a trade associatedwith the trading object when the trading interface is in the secondmode; and displaying a request for confirmation of the trade in responseto the trading command.
 10. The method of claim 2, further comprising:detecting a selection command supplied by the trader to select theobfuscated market data associated with an area of the trading interfacewhen in the second mode; and altering the trading interface to visuallydemarcate the area of the trading interface in response to the selectioncommand, the second computing device to alter the private interface tovisually demarcate the selected market data associated with the area inresponse to the selection command.
 11. The method of claim 2, whereinthe first computing device is a mobile device.
 12. The method of claim2, wherein the first computing device is a trading device.
 13. Themethod of claim 2, wherein the second computing device is a wearablecomputing device.
 14. The method of claim 2, wherein the secondcomputing device aligns the private interface generated by the secondcomputing device with the trading interface generated by the firstcomputing device.